Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) saw an uptick in trading volume on Tuesday . 5,176,353 shares changed hands during trading, an increase of 452% from the previous session’s volume of 938,450 shares.The stock last traded at $3.17 and had previously closed at $3.37.

A number of research firms have weighed in on RIGL. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday. Jefferies Group LLC reissued a “buy” rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday. ValuEngine raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Monday. BMO Capital Markets reissued a “buy” rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday. Finally, BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Rigel Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $6.75.

The firm’s 50 day moving average price is $2.49 and its 200-day moving average price is $2.64. The stock’s market capitalization is $450.30 million.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 105.86%. During the same quarter last year, the company earned ($0.15) earnings per share. On average, equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post ($0.60) earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its position in shares of Rigel Pharmaceuticals by 23.6% during the 1st quarter. FMR LLC now owns 18,335,735 shares of the biotechnology company’s stock valued at $60,691,000 after buying an additional 3,502,456 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Rigel Pharmaceuticals by 31.1% during the 1st quarter. Wellington Management Group LLP now owns 13,843,629 shares of the biotechnology company’s stock worth $45,823,000 after purchasing an additional 3,282,390 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Rigel Pharmaceuticals by 6.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after purchasing an additional 348,755 shares in the last quarter. Palo Alto Investors LLC lifted its holdings in Rigel Pharmaceuticals by 1.9% during the 1st quarter. Palo Alto Investors LLC now owns 4,254,623 shares of the biotechnology company’s stock worth $14,083,000 after purchasing an additional 78,000 shares in the last quarter. Finally, State Street Corp lifted its holdings in Rigel Pharmaceuticals by 4.3% during the 2nd quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock worth $5,974,000 after purchasing an additional 90,640 shares in the last quarter. 88.17% of the stock is owned by institutional investors and hedge funds.

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Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

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