Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Lifted to “Hold” by Zacks Research

Zacks Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong sell rating to a hold rating in a report released on Thursday,Zacks reports.

Other analysts have also issued research reports about the stock. Citigroup boosted their price target on shares of Rigel Pharmaceuticals from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, November 9th. Weiss Ratings cut shares of Rigel Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, November 9th. Piper Sandler reaffirmed 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. HC Wainwright reissued a “buy” rating and set a $85.00 price objective on shares of Rigel Pharmaceuticals in a research note on Monday, October 19th. Finally, Cantor Fitzgerald upped their price objective on shares of Rigel Pharmaceuticals from $43.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, November 6th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.75.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL traded down $1.23 during midday trading on Thursday, reaching $44.46. The stock had a trading volume of 151,588 shares, compared to its average volume of 261,596. The firm has a market cap of $837.18 million, a price-to-earnings ratio of 2.87 and a beta of 1.28. Rigel Pharmaceuticals has a twelve month low of $24.95 and a twelve month high of $52.60. The company’s 50 day moving average price is $47.44 and its 200 day moving average price is $37.64.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Thursday, November 5th. The biotechnology company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.27). Rigel Pharmaceuticals had a net margin of 106.59% and a return on equity of 14.89%. The company had revenue of $80.89 million for the quarter, compared to analyst estimates of $80.00 million. Equities analysts forecast that Rigel Pharmaceuticals will post 2.97 earnings per share for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Lionhunter Capital Management LLC increased its holdings in Rigel Pharmaceuticals by 11.1% in the 3rd quarter. Lionhunter Capital Management LLC now owns 70,045 shares of the biotechnology company’s stock worth $3,373,000 after acquiring an additional 7,000 shares in the last quarter. Marshall Wace LLP boosted its stake in Rigel Pharmaceuticals by 9.8% during the third quarter. Marshall Wace LLP now owns 403,462 shares of the biotechnology company’s stock valued at $19,427,000 after buying an additional 36,069 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Rigel Pharmaceuticals by 8.3% in the third quarter. Empowered Funds LLC now owns 85,735 shares of the biotechnology company’s stock valued at $4,128,000 after purchasing an additional 6,551 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth about $3,852,000. Finally, State Board of Administration of Florida Retirement System raised its position in Rigel Pharmaceuticals by 478.9% during the third quarter. State Board of Administration of Florida Retirement System now owns 43,818 shares of the biotechnology company’s stock valued at $2,110,000 after purchasing an additional 36,249 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc. is a biotechnology company that discovers, develops and commercializes medicines for people with serious hematologic disorders and cancers. Founded in 1996 and based in South San Francisco, California, the company has focused on treatments that target biological pathways involved in disease. Rigel’s marketed products include Tavalisse (fostamatinib), an oral treatment for adults with chronic immune thrombocytopenia who have had an insufficient response to prior treatment, and Rezlidhia (olutasidenib), an oral therapy for certain adults with relapsed or refractory acute myeloid leukemia containing an IDH1 mutation.