Rigel Pharmaceuticals (RIGL) PT Raised to $7.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price raised by Jefferies Group to $7.00 in a report published on Wednesday, The Fly reports. The firm currently has a buy rating on the biotechnology company’s stock. Jefferies Group also issued estimates for Rigel Pharmaceuticals’ FY2019 earnings at ($0.42) EPS, FY2020 earnings at ($0.42) EPS, FY2021 earnings at $0.26 EPS and FY2022 earnings at $0.58 EPS. The analysts noted that the move was a valuation call.

RIGL has been the subject of several other reports. BidaskClub upgraded Rigel Pharmaceuticals from a strong sell rating to a sell rating in a research note on Friday, December 29th. Piper Jaffray restated an overweight rating and set a $6.00 target price on shares of Rigel Pharmaceuticals in a research note on Thursday, December 21st. HC Wainwright set a $7.00 target price on Rigel Pharmaceuticals and gave the company a buy rating in a research note on Wednesday, March 7th. Cantor Fitzgerald restated a buy rating and set a $7.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, March 6th. Finally, Zacks Investment Research downgraded Rigel Pharmaceuticals from a hold rating to a sell rating in a research note on Saturday, March 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $6.71.

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Shares of NASDAQ RIGL opened at $3.84 on Wednesday. Rigel Pharmaceuticals has a 12-month low of $2.14 and a 12-month high of $4.71. The firm has a market capitalization of $598.32, a P/E ratio of -6.19 and a beta of 1.32.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.05). During the same quarter in the prior year, the business posted ($0.16) earnings per share. equities analysts anticipate that Rigel Pharmaceuticals will post -0.71 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in Rigel Pharmaceuticals by 415.2% in the third quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock worth $151,000 after purchasing an additional 47,872 shares in the last quarter. Wells Fargo & Company MN grew its stake in Rigel Pharmaceuticals by 116.9% in the third quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock worth $1,053,000 after purchasing an additional 223,528 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Rigel Pharmaceuticals by 11.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 299,200 shares of the biotechnology company’s stock worth $1,161,000 after purchasing an additional 31,200 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Rigel Pharmaceuticals in the fourth quarter worth about $181,000. Finally, Swiss National Bank acquired a new position in Rigel Pharmaceuticals in the fourth quarter worth about $891,000. Institutional investors own 92.33% of the company’s stock.

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Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

The Fly

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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