Rigel Pharmaceuticals Inc. (RIGL) Sees Significant Increase in Short Interest
Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 5,029,294 shares, an increase of 115.3% from the August 31st total of 2,336,021 shares. Based on an average daily trading volume, of 1,496,204 shares, the short-interest ratio is presently 3.4 days. Approximately 5.5% of the company’s shares are sold short.
Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 3.98 on Wednesday. The company has a 50 day moving average price of $3.30 and a 200 day moving average price of $2.66. Rigel Pharmaceuticals has a 52 week low of $1.88 and a 52 week high of $4.38. The company’s market cap is $376.46 million.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. Rigel Pharmaceuticals had a negative return on equity of 59.78% and a negative net margin of 143.24%. The firm had revenue of $8.60 million for the quarter, compared to analysts’ expectations of $3.75 million. During the same quarter last year, the business earned ($0.16) earnings per share. The company’s revenue was up 65.4% compared to the same quarter last year. On average, equities analysts expect that Rigel Pharmaceuticals will post ($0.77) earnings per share for the current year.
Several research firms have issued reports on RIGL. Piper Jaffray Cos. boosted their price objective on Rigel Pharmaceuticals from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, August 30th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 6th. HC Wainwright began coverage on Rigel Pharmaceuticals in a report on Wednesday, July 13th. They set a “buy” rating and a $6.00 price objective on the stock. BMO Capital Markets began coverage on Rigel Pharmaceuticals in a report on Monday, August 1st. They issued an “outperform” rating and a $4.00 target price on the stock. Finally, Jefferies Group reiterated a “buy” rating and issued a $9.00 target price (up previously from $8.50) on shares of Rigel Pharmaceuticals in a report on Friday, September 16th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $6.79.
A number of institutional investors have recently modified their holdings of the company. FMR LLC boosted its position in shares of Rigel Pharmaceuticals by 1.8% in the second quarter. FMR LLC now owns 13,821,657 shares of the company’s stock worth $30,822,000 after buying an additional 238,273 shares during the period. Palo Alto Investors LLC boosted its position in shares of Rigel Pharmaceuticals by 3.0% in the second quarter. Palo Alto Investors LLC now owns 5,386,534 shares of the company’s stock worth $12,012,000 after buying an additional 155,615 shares during the period. Vanguard Group Inc. boosted its position in shares of Rigel Pharmaceuticals by 2.6% in the second quarter. Vanguard Group Inc. now owns 4,622,246 shares of the company’s stock worth $10,308,000 after buying an additional 119,182 shares during the period. BlackRock Fund Advisors boosted its position in shares of Rigel Pharmaceuticals by 4.3% in the second quarter. BlackRock Fund Advisors now owns 3,575,734 shares of the company’s stock worth $7,974,000 after buying an additional 147,872 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Rigel Pharmaceuticals by 0.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,248,858 shares of the company’s stock worth $7,245,000 after buying an additional 23,484 shares during the period. Hedge funds and other institutional investors own 88.50% of the company’s stock.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN).
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