Rigel Pharmaceuticals (NASDAQ:RIGL) Share Price Passes Above 200-Day Moving Average of $11.31

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.31 and traded as high as $14.11. Rigel Pharmaceuticals shares last traded at $13.63, with a volume of 64,147 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 3rd. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, July 5th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.13.

Rigel Pharmaceuticals Stock Up 0.5 %

The firm has a market capitalization of $242.04 million, a price-to-earnings ratio of -11.42 and a beta of 0.93. The company’s fifty day moving average is $11.82 and its two-hundred day moving average is $11.34.

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

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC raised its holdings in Rigel Pharmaceuticals by 49.1% in the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after buying an additional 49,223 shares during the period. Vanguard Group Inc. increased its position in shares of Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Rigel Pharmaceuticals by 18.2% during the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after acquiring an additional 843,419 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Rigel Pharmaceuticals during the first quarter worth about $2,012,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

About Rigel Pharmaceuticals

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.