Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shot up 5.6% during trading on Tuesday . The stock traded as high as $2.69 and last traded at $2.64. 3,600,717 shares changed hands during trading, a decline of 6% from the average session volume of 3,828,176 shares. The stock had previously closed at $2.50.
Several brokerages have commented on RIGL. BidaskClub downgraded Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 28th. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a report on Thursday, July 9th. ValuEngine downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 14th. Finally, Citigroup increased their price target on Rigel Pharmaceuticals from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $6.55.
The firm’s 50 day moving average price is $2.41 and its 200-day moving average price is $2.12. The firm has a market cap of $444.28 million, a price-to-earnings ratio of -18.78 and a beta of 1.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.25 and a quick ratio of 3.21.
Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. The business had revenue of $16.02 million for the quarter, compared to the consensus estimate of $14.28 million. Rigel Pharmaceuticals had a negative net margin of 23.16% and a negative return on equity of 37.85%. During the same quarter last year, the company posted ($0.12) earnings per share. Analysts expect that Rigel Pharmaceuticals, Inc. will post -0.22 EPS for the current year.
Several institutional investors have recently made changes to their positions in RIGL. Morgan Stanley lifted its holdings in shares of Rigel Pharmaceuticals by 127.1% during the first quarter. Morgan Stanley now owns 2,511,579 shares of the biotechnology company’s stock valued at $3,918,000 after acquiring an additional 1,405,535 shares during the period. Jane Street Group LLC bought a new position in shares of Rigel Pharmaceuticals during the second quarter valued at $176,000. Royal Bank of Canada lifted its holdings in shares of Rigel Pharmaceuticals by 1,850.0% during the first quarter. Royal Bank of Canada now owns 29,347 shares of the biotechnology company’s stock valued at $45,000 after acquiring an additional 27,842 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Rigel Pharmaceuticals by 52.0% during the second quarter. ProShare Advisors LLC now owns 50,028 shares of the biotechnology company’s stock valued at $92,000 after acquiring an additional 17,121 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Rigel Pharmaceuticals by 1,299.8% during the second quarter. Assenagon Asset Management S.A. now owns 223,429 shares of the biotechnology company’s stock valued at $409,000 after acquiring an additional 207,468 shares during the period. Institutional investors and hedge funds own 85.81% of the company’s stock.
Rigel Pharmaceuticals Company Profile (NASDAQ:RIGL)
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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.
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