HC Wainwright Reiterates Buy Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report issued on Friday, Benzinga reports. They presently have a $57.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 302.54% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.13.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $14.16 on Friday. The company’s 50 day moving average price is $14.31 and its 200-day moving average price is $11.55. Rigel Pharmaceuticals has a 52-week low of $7.21 and a 52-week high of $17.30. The company has a market capitalization of $248.62 million, a P/E ratio of -11.80 and a beta of 0.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.31. The business had revenue of $36.84 million during the quarter, compared to analyst estimates of $32.38 million. During the same period last year, the firm posted ($0.40) earnings per share. Analysts forecast that Rigel Pharmaceuticals will post -0.72 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bayesian Capital Management LP boosted its position in shares of Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 19,100 shares during the last quarter. Ground Swell Capital LLC bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth $141,000. BNP Paribas Financial Markets raised its holdings in shares of Rigel Pharmaceuticals by 24.2% in the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rigel Pharmaceuticals during the first quarter valued at about $2,012,000. Finally, CM Management LLC boosted its holdings in Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after purchasing an additional 300,000 shares during the last quarter. 66.23% 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; 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.