Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $59.00 Consensus Target Price from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $59.00.

Several brokerages have weighed in on RIGL. Piper Sandler restated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Weiss Ratings lowered Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. HC Wainwright reissued a “buy” rating and issued a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Finally, Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the completion of the sale, the director owned 10,125 shares of the company’s stock, valued at approximately $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. IFP Advisors Inc raised its position in shares of Rigel Pharmaceuticals by 21.8% in the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock valued at $97,000 after purchasing an additional 405 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in Rigel Pharmaceuticals by 1.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock worth $779,000 after purchasing an additional 546 shares during the last quarter. Rhumbline Advisers increased its stake in Rigel Pharmaceuticals by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares in the last quarter. Deutsche Bank AG increased its stake in Rigel Pharmaceuticals by 4.0% during the 4th quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock valued at $628,000 after purchasing an additional 570 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock worth $351,000 after buying an additional 576 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $47.50 on Wednesday. Rigel Pharmaceuticals has a one year low of $24.95 and a one year high of $52.24. The firm has a market cap of $878.75 million, a price-to-earnings ratio of 2.91 and a beta of 1.20. The firm has a 50-day simple moving average of $41.17 and a two-hundred day simple moving average of $34.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. The firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. As a group, equities analysts predict that Rigel Pharmaceuticals will post 2.98 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).