Rigel (RIGL) Received its Third Buy in a Row


After Piper Jaffray and H.C. Wainwright gave Rigel (NASDAQ: RIGL) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Elemer Piros reiterated a Buy rating on Rigel yesterday and set a price target of $9. The company’s shares closed yesterday at $3.08.

Piros wrote:

“: We reiterate our Overweight rating on Rigel Pharmaceuticals and our 12-month price target of $9 per share, following presentations at the Hematology (ASH) meeting and our meeting with management. We remain focused on the company’s early launch of TAVALISSE (fostamatinib), which was approved in the treatment of immune thrombocytopenia (ITP). At the ASH meeting, we attended updates from the company’s on-going extension studies in ITP and autoimmune hemolytic anemia (AIHA), which is entering Phase 3 development in 1H19.”

According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -9.9% and a 36.7% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and Strongbridge Biopharma Plc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $7.90 average price target.

See today’s analyst top recommended stocks >>

Based on Rigel’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $23.77 million. In comparison, last year the company had a GAAP net loss of $17.66 million.

Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RIGL in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Rigel Pharmaceuticals, Inc. operates as a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. It focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts