Rigel Pharmaceuticals (NASDAQ:RIGL) has been given a $8.00 price objective by analysts at HC Wainwright in a note issued to investors on Friday. The firm currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 263.64% from the stock’s previous close.
RIGL has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research note on Tuesday, November 20th. Cantor Fitzgerald restated a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 3rd. Finally, BidaskClub upgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, September 18th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $7.50.
RIGL stock traded down $0.10 during midday trading on Friday, reaching $2.20. 1,727,103 shares of the company’s stock traded hands, compared to its average volume of 2,705,688. The firm has a market capitalization of $398.27 million, a PE ratio of -3.55 and a beta of 1.43. Rigel Pharmaceuticals has a 52 week low of $1.96 and a 52 week high of $4.71.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlueMountain Capital Management LLC bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth $154,000. New Jersey Better Educational Savings Trust bought a new position in Rigel Pharmaceuticals during the third quarter valued at about $193,000. Cubist Systematic Strategies LLC grew its position in Rigel Pharmaceuticals by 199.9% during the second quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock valued at $171,000 after buying an additional 40,366 shares during the period. AQR Capital Management LLC grew its position in Rigel Pharmaceuticals by 67.8% during the third quarter. AQR Capital Management LLC now owns 61,779 shares of the biotechnology company’s stock valued at $198,000 after buying an additional 24,961 shares during the period. Finally, Granite Investment Partners LLC bought a new position in Rigel Pharmaceuticals during the third quarter valued at about $231,000. Hedge funds and other institutional investors own 94.12% of the company’s stock.
About Rigel Pharmaceuticals
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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