Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) have been given a consensus recommendation of "Hold" by the nine analysts that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $3.96.
RIGL has been the subject of a number of recent research reports. StockNews.com raised Rigel Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Monday, August 22nd. B. Riley cut their price objective on Rigel Pharmaceuticals from $4.00 to $1.25 and set a "neutral" rating for the company in a research report on Thursday, June 9th. HC Wainwright raised their price objective on Rigel Pharmaceuticals from $7.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, August 18th. Cantor Fitzgerald downgraded Rigel Pharmaceuticals from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $6.00 to $1.00 in a research report on Wednesday, June 8th. Finally, BMO Capital Markets cut their price objective on Rigel Pharmaceuticals from $7.00 to $3.00 in a research report on Thursday, June 9th.
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Rigel Pharmaceuticals Stock Down 8.1 %
Shares of RIGL opened at $1.47 on Friday. Rigel Pharmaceuticals has a 52-week low of $0.64 and a 52-week high of $4.24. The company has a market capitalization of $254.07 million, a PE ratio of -3.00 and a beta of 1.63. The stock has a fifty day simple moving average of $1.33 and a two-hundred day simple moving average of $2.06. The company has a quick ratio of 2.08, a current ratio of 2.19 and a debt-to-equity ratio of 4.39.
Insider Buying and Selling at Rigel Pharmaceuticals
In other news, CEO Raul R. Rodriguez bought 1,000,000 shares of the company's stock in a transaction on Thursday, June 9th. The stock was bought at an average cost of $0.69 per share, with a total value of $690,000.00. Following the transaction, the chief executive officer now directly owns 1,391,776 shares in the company, valued at approximately $960,325.44. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.43% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Rigel Pharmaceuticals
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Rigel Pharmaceuticals by 209.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,937,924 shares of the biotechnology company's stock valued at $2,190,000 after buying an additional 1,311,254 shares during the period. Woodline Partners LP lifted its stake in Rigel Pharmaceuticals by 4.6% during the second quarter. Woodline Partners LP now owns 861,305 shares of the biotechnology company's stock worth $973,000 after purchasing an additional 37,641 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Rigel Pharmaceuticals by 102.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 168,302 shares of the biotechnology company's stock worth $190,000 after purchasing an additional 85,200 shares during the last quarter. State Street Corp lifted its stake in Rigel Pharmaceuticals by 218.2% during the second quarter. State Street Corp now owns 23,945,568 shares of the biotechnology company's stock worth $27,058,000 after purchasing an additional 16,421,362 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in Rigel Pharmaceuticals by 308.2% during the second quarter. Cubist Systematic Strategies LLC now owns 74,675 shares of the biotechnology company's stock worth $84,000 after purchasing an additional 56,380 shares during the last quarter. Hedge funds and other institutional investors own 80.33% of the company's stock.
Rigel Pharmaceuticals Company Profile
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Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.
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