The stock of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) hit a new 52-week high and has $7.32 target or 78.00% above today’s $4.11 share price. The 5 months bullish chart indicates low risk for the $419.27M company. The 1-year high was reported on Oct, 4 by Barchart.com. If the $7.32 price target is reached, the company will be worth $327.03M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.14 million shares traded hands. Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has risen 70.69% since March 1, 2016 and is uptrending. It has outperformed by 61.45% the S&P500.
Analysts await Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to report earnings on November, 1. They expect $-0.19 EPS, down 137.50% or $0.11 from last year’s $-0.08 per share. After $-0.15 actual EPS reported by Rigel Pharmaceuticals, Inc. for the previous quarter, Wall Street now forecasts 26.67% negative EPS growth.
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Ratings Coverage
Out of 4 analysts covering Rigel Pharmaceuticals (NASDAQ:RIGL), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $11 is the highest target while $3.25 is the lowest. The $7.05 average target is 71.53% above today’s ($4.11) stock price. Rigel Pharmaceuticals has been the topic of 7 analyst reports since August 8, 2015 according to StockzIntelligence Inc. The rating was maintained by Piper Jaffray on Tuesday, August 30 with “Overweight”. The stock of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has “Hold” rating given on Saturday, August 8 by Zacks. H.C. Wainwright maintained the stock with “Buy” rating in Wednesday, August 31 report. The stock has “Buy” rating given by H.C. Wainwright on Wednesday, July 13. On Monday, June 13 the stock rating was initiated by Piper Jaffray with “Overweight”. The firm earned “Outperform” rating on Wednesday, August 31 by BMO Capital Markets. The rating was maintained by Jefferies with “Buy” on Monday, May 16.
According to Zacks Investment Research, “Rigel Pharmaceuticals, Inc. is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases, cancer and viral diseases. Its goal is to file one new investigative new drug application in a significant indication each year. The Company’s pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel’s productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. We have product development programs in inflammatory/autoimmune diseases such as rheumatoid arthritis, thrombocytopenia, and asthma and allergy, as well as in cancer.”
Insitutional Activity: The institutional sentiment decreased to 1.32 in 2016 Q2. Its down 0.07, from 1.39 in 2016Q1. The ratio worsened, as 10 funds sold all Rigel Pharmaceuticals, Inc. shares owned while 31 reduced positions. 14 funds bought stakes while 40 increased positions. They now own 82.36 million shares or 1.95% more from 80.79 million shares in 2016Q1.
Morgan Stanley holds 0% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) for 54,778 shares. American Century last reported 0% of its portfolio in the stock. Parametric Assoc Ltd Company owns 129,067 shares or 0% of their US portfolio. Grp One Trading Ltd Partnership has invested 0% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL). First Republic Inv Mngmt Incorporated has invested 0% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL). Ghost Tree Cap Lc owns 800,000 shares or 0.52% of their US portfolio. Dimensional Fund Advsrs Ltd Partnership accumulated 1.45M shares or 0% of the stock. Principal Fin Grp Inc Incorporated holds 0% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) for 16,601 shares. Blackrock Fund Advisors holds 0% or 3.58 million shares in its portfolio. Susquehanna Ltd Liability Partnership holds 0% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) for 112,726 shares. Moreover, Rockefeller Fincl Service Inc has 0% invested in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) for 34,954 shares. Geode Capital Management Ltd Liability accumulated 747,946 shares or 0% of the stock. Manufacturers Life Insurance Company The has 72,243 shares for 0% of their US portfolio. Acuta Capital Partners Lc accumulated 747,748 shares or 0.8% of the stock. Franklin Street Advsr Nc has invested 0.01% of its portfolio in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL).
Insider Transactions: Since August 30, 2016, the stock had 0 insider buys, and 1 sale for $21,214 net activity. $21,214 worth of shares were sold by PAYAN DONALD G on Tuesday, August 30.
More news for Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) were recently published by: Fool.com, which released: “Here’s Why Rigel Pharmaceuticals, Inc. is Skyrocketing Today” on August 30, 2016. Prnewswire.com‘s article titled: “Rigel Announces Second Quarter 2016 Financial Results and Provides Portfolio …” and published on August 02, 2016 is yet another important article.
RIGL Company Profile
Rigel Pharmaceuticals, Inc., incorporated on June 14, 1996, is a clinical-stage biotechnology company. The Firm is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN). The Firm has approximately two oncology product candidates in Phase I development. The Firm is also engaged in conducting research in the disease areas of inflammation/immunology, and muscle wasting/muscle endurance, among others.
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