Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.
Separately, HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.75.
View Our Latest Report on Rigel Pharmaceuticals
Rigel Pharmaceuticals Stock Performance
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last announced its earnings results on Tuesday, August 1st. The biotechnology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The company had revenue of $26.89 million during the quarter, compared to analysts’ expectations of $26.02 million. During the same quarter last year, the firm posted ($0.08) EPS. Sell-side analysts predict that Rigel Pharmaceuticals will post -0.26 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Rigel Pharmaceuticals
A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in Rigel Pharmaceuticals by 218.2% during the 2nd quarter. State Street Corp now owns 23,945,568 shares of the biotechnology company’s stock valued at $27,058,000 after purchasing an additional 16,421,362 shares in the last quarter. Armistice Capital LLC raised its position in shares of Rigel Pharmaceuticals by 0.4% in the 1st quarter. Armistice Capital LLC now owns 17,024,000 shares of the biotechnology company’s stock worth $22,472,000 after acquiring an additional 68,000 shares in the last quarter. BlackRock Inc. raised its position in shares of Rigel Pharmaceuticals by 3.5% in the 2nd quarter. BlackRock Inc. now owns 14,617,592 shares of the biotechnology company’s stock worth $18,857,000 after acquiring an additional 495,431 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Rigel Pharmaceuticals by 14.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,942,196 shares of the biotechnology company’s stock worth $14,092,000 after acquiring an additional 1,463,026 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Rigel Pharmaceuticals by 23.0% in the 2nd quarter. Acadian Asset Management LLC now owns 4,581,512 shares of the biotechnology company’s stock worth $5,908,000 after acquiring an additional 857,949 shares in the last quarter. 63.45% of the stock is owned by institutional investors.
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; and 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.
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