Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Price Target at $43.20

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $43.20.

A number of research firms have weighed in on RIGL. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Zacks Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Finally, Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP increased its stake in shares of Rigel Pharmaceuticals by 63.0% during the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock worth $17,036,000 after purchasing an additional 232,383 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of Rigel Pharmaceuticals by 110.6% in the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock valued at $10,226,000 after buying an additional 189,542 shares during the last quarter. Two Sigma Investments LP boosted its position in Rigel Pharmaceuticals by 474.6% during the third quarter. Two Sigma Investments LP now owns 220,298 shares of the biotechnology company’s stock worth $6,241,000 after acquiring an additional 181,956 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Rigel Pharmaceuticals by 747.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 186,326 shares of the biotechnology company’s stock worth $5,279,000 after acquiring an additional 164,343 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at about $4,310,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Trading Down 3.4%

Shares of NASDAQ:RIGL opened at $37.78 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. Rigel Pharmaceuticals has a 12-month low of $15.50 and a 12-month high of $52.24. The business has a 50 day moving average of $43.26 and a two-hundred day moving average of $34.41. The company has a market capitalization of $685.71 million, a PE ratio of 6.12 and a beta of 1.11.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The business had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. As a group, analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

About Rigel Pharmaceuticals

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).