Rigel Pharmaceuticals (RIGL) Trading Down 2.5%
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares were down 2.5% during trading on Monday . The stock traded as low as $2.79 and last traded at $2.76. Approximately 52,933 shares were traded during trading, a decline of 97% from the average daily volume of 1,985,344 shares. The stock had previously closed at $2.83.
Several research analysts have recently commented on RIGL shares. BMO Capital Markets lifted their price target on Rigel Pharmaceuticals from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, April 18th. BidaskClub upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a report on Wednesday, July 4th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a report on Thursday. Finally, Jefferies Financial Group lifted their price target on Rigel Pharmaceuticals to $7.00 and gave the stock a “buy” rating in a report on Wednesday, April 18th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Rigel Pharmaceuticals has an average rating of “Buy” and a consensus target price of $7.54.
The firm has a market cap of $464.38 million, a PE ratio of -4.49 and a beta of 1.14.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in Rigel Pharmaceuticals by 11.1% in the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after buying an additional 2,448,925 shares during the period. BlackRock Inc. raised its holdings in Rigel Pharmaceuticals by 20.9% in the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after buying an additional 2,312,498 shares during the period. Swiss National Bank raised its holdings in Rigel Pharmaceuticals by 18.1% in the 2nd quarter. Swiss National Bank now owns 271,179 shares of the biotechnology company’s stock valued at $767,000 after buying an additional 41,579 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Rigel Pharmaceuticals by 18.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 355,800 shares of the biotechnology company’s stock valued at $1,007,000 after buying an additional 55,300 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at about $142,000. Hedge funds and other institutional investors own 84.66% of the company’s stock.
About Rigel Pharmaceuticals (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 fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.
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