Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) gapped up before the market opened on Thursday . The stock had previously closed at $3.29, but opened at $3.14. Rigel Pharmaceuticals shares last traded at $3.11, with a volume of 98902 shares changing hands.

RIGL has been the subject of several recent analyst reports. ValuEngine upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Citigroup initiated coverage on Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a “buy” rating and a $8.50 target price for the company. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Rigel Pharmaceuticals in a research note on Thursday, August 9th. Cantor Fitzgerald restated a “buy” rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. Finally, Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Rigel Pharmaceuticals has a consensus rating of “Buy” and an average target price of $7.59.

The firm has a market cap of $481.02 million, a P/E ratio of -4.97 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million during the quarter, compared to analyst estimates of $3.52 million. As a group, equities analysts predict that Rigel Pharmaceuticals, Inc. will post -0.64 EPS for the current year.

In related news, CEO Raul R. Rodriguez bought 114,000 shares of the company’s stock in a transaction dated Friday, August 17th. The stock was acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nelson Cabatuan sold 10,000 shares of the stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $3.12, for a total value of $31,200.00. Following the completion of the transaction, the insider now directly owns 58 shares of the company’s stock, valued at $180.96. The disclosure for this sale can be found here. Over the last three months, insiders bought 314,000 shares of company stock valued at $907,820 and sold 179,500 shares valued at $624,615. Corporate insiders own 5.38% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. United Services Automobile Association raised its holdings in shares of Rigel Pharmaceuticals by 4.3% in the 2nd quarter. United Services Automobile Association now owns 396,267 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 16,400 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Rigel Pharmaceuticals by 16.3% in the 2nd quarter. Rhumbline Advisers now owns 155,515 shares of the biotechnology company’s stock worth $440,000 after buying an additional 21,745 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of Rigel Pharmaceuticals by 45.8% in the 2nd quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock worth $228,000 after buying an additional 25,331 shares in the last quarter. MetLife Investment Advisors LLC raised its holdings in shares of Rigel Pharmaceuticals by 53.0% in the 2nd quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock worth $287,000 after buying an additional 35,092 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Rigel Pharmaceuticals by 2.1% in the 1st quarter. Northern Trust Corp now owns 1,776,443 shares of the biotechnology company’s stock worth $6,289,000 after buying an additional 36,844 shares in the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

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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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