Rigel Pharmaceuticals Stock to Reverse Split on Thursday, June 27th (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares are set to reverse split before the market opens on Thursday, June 27th. The 1-10 reverse split was announced on Thursday, June 27th. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, June 27th.

Rigel Pharmaceuticals Stock Down 11.9 %

NASDAQ RIGL traded down $0.11 on Tuesday, hitting $0.84. The company’s stock had a trading volume of 7,807,864 shares, compared to its average volume of 1,363,964. The company’s 50-day moving average is $1.01 and its 200 day moving average is $1.22. The firm has a market cap of $147.82 million, a PE ratio of -7.10 and a beta of 1.04. Rigel Pharmaceuticals has a 1-year low of $0.71 and a 1-year high of $1.73.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $29.53 million during the quarter, compared to analyst estimates of $31.28 million. During the same quarter in the previous year, the firm earned ($0.08) EPS. On average, equities analysts expect that Rigel Pharmaceuticals will post -0.08 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on RIGL shares. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday. B. Riley restated a “neutral” rating and issued a $1.25 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. Finally, Citigroup raised their target price on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.81.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Large investors have recently made changes to their positions in the business. Bayesian Capital Management LP boosted its position in shares of Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 19,100 shares in the last quarter. SG Americas Securities LLC raised its stake in Rigel Pharmaceuticals by 57.7% during the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after buying an additional 18,180 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after buying an additional 49,223 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in Rigel Pharmaceuticals by 49.1% during the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock valued at $893,000 after buying an additional 198,712 shares during the last quarter. Finally, GSA Capital Partners LLP raised its stake in Rigel Pharmaceuticals by 170.9% during the third quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after buying an additional 612,815 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.