Rigel (RIGL) Receives a Buy from H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Rigel (RIGL) today and set a price target of $8.00. The company’s shares closed last Thursday at $2.74.

According to TipRanks.com, Pantginis is a 5-star analyst with an average return of 24.4% and a 52.5% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Lineage Cell Therapeutics, and Catabasis Pharmaceuticals.

Rigel has an analyst consensus of Moderate Buy, with a price target consensus of $8.00.

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Based on Rigel’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $16.02 million and GAAP net loss of $17.58 million. In comparison, last year the company earned revenue of $10.41 million and had a GAAP net loss of $20.61 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.