Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Consensus Rating of “Hold” by Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average recommendation of “Hold” from the five brokerages that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $36.40.

RIGL has been the subject of several recent analyst reports. Citigroup raised their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Cantor Fitzgerald boosted their target price on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 8th. B. Riley raised their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. Finally, HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock opened at $18.28 on Thursday. The stock’s 50-day moving average is $18.46 and its 200 day moving average is $19.87. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The company has a market cap of $326.70 million, a P/E ratio of 130.58 and a beta of 1.34.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.49. The business had revenue of $53.33 million for the quarter, compared to analysts’ expectations of $43.87 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. During the same period last year, the business earned ($0.50) EPS. On average, analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Virtus Advisers LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter valued at approximately $40,000. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals during the fourth quarter valued at $63,000. US Bancorp DE lifted its position in Rigel Pharmaceuticals by 57.4% during the first quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company’s stock valued at $92,000 after purchasing an additional 1,868 shares during the period. New York State Common Retirement Fund boosted its holdings in Rigel Pharmaceuticals by 65.9% in the first quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company’s stock valued at $100,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 2,648 shares during the period. 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.