Rigel Pharmaceuticals (RIGL) Trading Down 5.5%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was down 5.5% on Wednesday . The stock traded as low as $2.91 and last traded at $2.91. Approximately 2,066,191 shares were traded during trading, a decline of 19% from the average daily volume of 2,560,565 shares. The stock had previously closed at $3.08.

Several equities research analysts recently weighed in on RIGL shares. HC Wainwright set a $7.00 target price on Rigel Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, March 7th. BidaskClub upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Cantor Fitzgerald reiterated a “buy” rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, March 6th. Jefferies Financial Group increased their price objective on Rigel Pharmaceuticals to $7.00 and gave the stock a “buy” rating in a report on Wednesday, April 18th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $7.63.

The firm has a market capitalization of $476.02 million, a price-to-earnings ratio of -4.60 and a beta of 1.36.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, May 1st. The biotechnology company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17). During the same quarter in the previous year, the company posted ($0.13) EPS. research analysts anticipate that Rigel Pharmaceuticals, Inc. will post -0.65 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in RIGL. Millennium Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 104.9% during the fourth quarter. Millennium Management LLC now owns 5,574,333 shares of the biotechnology company’s stock valued at $21,628,000 after buying an additional 2,854,414 shares during the period. BlackRock Inc. increased its position in Rigel Pharmaceuticals by 20.7% during the fourth quarter. BlackRock Inc. now owns 11,225,669 shares of the biotechnology company’s stock worth $43,556,000 after purchasing an additional 1,924,998 shares during the last quarter. Rock Springs Capital Management LP increased its position in Rigel Pharmaceuticals by 147.5% during the fourth quarter. Rock Springs Capital Management LP now owns 2,475,000 shares of the biotechnology company’s stock worth $9,603,000 after purchasing an additional 1,475,000 shares during the last quarter. Deutsche Bank AG increased its position in Rigel Pharmaceuticals by 268.0% during the fourth quarter. Deutsche Bank AG now owns 1,077,663 shares of the biotechnology company’s stock worth $4,180,000 after purchasing an additional 784,847 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Rigel Pharmaceuticals by 47.7% during the first quarter. JPMorgan Chase & Co. now owns 2,021,618 shares of the biotechnology company’s stock worth $7,157,000 after purchasing an additional 652,856 shares during the last quarter. 84.51% of the stock is currently owned by institutional investors and hedge funds.

About Rigel Pharmaceuticals

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.

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