HC Wainwright Reaffirms “Buy” Rating for Rigel Pharmaceuticals (RIGL)

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report sent to investors on Thursday morning. The firm currently has a $8.00 target price on the biotechnology company’s stock.

“Valuation and impediments to achieving price target. We reiterate our Buy rating and $7.50 price target. Our target is based on our clinical net present value (NPV) model, which derives its value from Tavalisse without any current contribution from pipeline assets. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.”,” the firm’s analyst commented.

Several other equities analysts have also recently commented on RIGL. Cantor Fitzgerald reiterated a buy rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday. BidaskClub upgraded shares of Rigel Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, July 6th. Zacks Investment Research cut shares of Rigel Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, July 25th. Piper Jaffray Companies upped their target price on shares of Rigel Pharmaceuticals from $7.00 to $8.00 and gave the company an overweight rating in a research note on Tuesday, May 1st. Finally, BMO Capital Markets upped their target price on shares of Rigel Pharmaceuticals from $8.00 to $10.00 and gave the company an outperform rating in a research note on Wednesday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $7.54.

Rigel Pharmaceuticals traded down $0.23, hitting $2.79, during trading hours on Thursday, Marketbeat Ratings reports. 2,256,296 shares of the company traded hands, compared to its average volume of 1,985,344. Rigel Pharmaceuticals has a twelve month low of $2.14 and a twelve month high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.16). The company had revenue of $1.79 million for the quarter, compared to analyst estimates of $0.30 million. analysts forecast that Rigel Pharmaceuticals will post -0.66 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Bank of Montreal Can bought a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at $139,000. Canada Pension Plan Investment Board bought a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at $142,000. Lido Advisors LLC bought a new stake in Rigel Pharmaceuticals in the 1st quarter valued at $195,000. DekaBank Deutsche Girozentrale bought a new stake in Rigel Pharmaceuticals in the 1st quarter valued at $232,000. Finally, MetLife Investment Advisors LLC bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $257,000. 84.67% of the stock is currently 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 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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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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