HC Wainwright Reaffirms Buy Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

HC Wainwright restated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a $57.00 target price on the biotechnology company’s stock.

A number of other brokerages also recently commented on RIGL. B. Riley increased their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Citigroup boosted their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler upped their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, StockNews.com downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.60.

Rigel Pharmaceuticals Price Performance

RIGL opened at $20.29 on Wednesday. The company has a market capitalization of $357.41 million, a price-to-earnings ratio of 144.94 and a beta of 1.35. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The business has a 50 day moving average price of $20.01 and a two-hundred day moving average price of $18.40.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million during the quarter, compared to the consensus estimate of $57.59 million. Equities analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $42,593.12. Following the completion of the sale, the chief financial officer now owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the transaction, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company’s stock.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RIGL. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Rigel Pharmaceuticals in the fourth quarter valued at approximately $676,000. Soleus Capital Management L.P. boosted its stake in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after acquiring an additional 195,891 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Rigel Pharmaceuticals by 40.1% in the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after acquiring an additional 18,159 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Rigel Pharmaceuticals by 63.0% in the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock valued at $1,062,000 after acquiring an additional 24,400 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in Rigel Pharmaceuticals in the fourth quarter valued at approximately $1,025,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.