Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded by StockNews.com to Strong-Buy

StockNews.com upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a strong-buy rating in a research note released on Friday.

A number of other analysts have also recently weighed in on RIGL. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.13.

Rigel Pharmaceuticals Trading Down 2.0 %

Shares of Rigel Pharmaceuticals stock opened at $14.81 on Friday. Rigel Pharmaceuticals has a 52-week low of $7.12 and a 52-week high of $17.30. The company has a 50 day moving average of $14.06 and a 200 day moving average of $11.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.31. The company had revenue of $36.84 million for the quarter, compared to analyst estimates of $32.38 million. During the same period in the previous year, the business posted ($0.40) EPS. On average, research analysts predict that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Ground Swell Capital LLC purchased a new position in Rigel Pharmaceuticals in the 2nd quarter valued at $141,000. Bayesian Capital Management LP boosted its position in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares in the last quarter. CM Management LLC boosted its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after purchasing an additional 300,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth $2,012,000. Finally, Acadian Asset Management LLC boosted its position in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after purchasing an additional 843,419 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.