Rigel (RIGL) Gets a Buy Rating from H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Rigel (RIGL) on July 14 and set a price target of $8.00. The company’s shares closed last Tuesday at $2.90.

According to TipRanks.com, Pantginis is a top 100 analyst with an average return of 33.0% and a 56.0% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Lineage Cell Therapeutics, and Actinium Pharmaceuticals.

Currently, the analyst consensus on Rigel is a Strong Buy with an average price target of $7.00, implying a 124.0% upside from current levels. In a report issued on July 13, Cantor Fitzgerald also maintained a Buy rating on the stock with a $5.00 price target.

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Based on Rigel’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $55.76 million and net profit of $21.24 million. In comparison, last year the company earned revenue of $12.62 million and had a GAAP net loss of $17.6 million.

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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. The firm focuses on intracellular signalling pathways and related targets that are critical to disease mechanisms. Its products include Tavalisse, Fostamatinib and R835. The company was founded by Donald G. Payan, James M. Gower, Thomas A. Raffin, Garry P. Nolan and Ronald B. Garren on June 14, 1996 and is headquartered in South San Francisco, CA.