Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Large Decline in Short Interest

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 9,850,000 shares, a decrease of 10.5% from the September 30th total of 11,010,000 shares. Approximately 6.0% of the company’s shares are sold short. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is presently 6.6 days.

Several equities research analysts recently issued reports on the company. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, November 9th. HC Wainwright set a $8.00 price objective on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a research note on Thursday, September 26th. Cantor Fitzgerald reduced their price objective on Rigel Pharmaceuticals from $7.00 to $5.00 and set an “overweight” rating for the company in a research note on Friday. Finally, BidaskClub raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Rigel Pharmaceuticals has an average rating of “Buy” and an average price target of $5.63.

Rigel Pharmaceuticals stock traded down $0.09 during mid-day trading on Monday, hitting $2.25. The company’s stock had a trading volume of 1,192,200 shares, compared to its average volume of 1,578,411. The firm’s 50 day moving average is $1.91 and its 200 day moving average is $2.08. The company has a market cap of $383.83 million, a PE ratio of -5.11 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 4.06 and a quick ratio of 4.03. Rigel Pharmaceuticals has a 52-week low of $1.56 and a 52-week high of $3.16.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, November 5th. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. The firm had revenue of $20.86 million during the quarter, compared to the consensus estimate of $16.27 million. Rigel Pharmaceuticals had a negative return on equity of 52.74% and a negative net margin of 56.84%. During the same period in the prior year, the business earned ($0.14) EPS. As a group, analysts forecast that Rigel Pharmaceuticals will post -0.4 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can lifted its stake in Rigel Pharmaceuticals by 443.0% in the 2nd quarter. Bank of Montreal Can now owns 17,000 shares of the biotechnology company’s stock worth $44,000 after acquiring an additional 13,869 shares in the last quarter. Brighton Jones LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $34,000. SG Americas Securities LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $38,000. Quantitative Systematic Strategies LLC raised its stake in shares of Rigel Pharmaceuticals by 82.9% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 31,694 shares of the biotechnology company’s stock worth $83,000 after purchasing an additional 14,362 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Rigel Pharmaceuticals by 2,366.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 36,851 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 35,357 shares in the last quarter. 90.79% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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