Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $54.50 Average Price Target from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received an average rating of “Hold” from the six analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $54.50.

A number of equities research analysts have recently weighed in on RIGL shares. Citigroup restated a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Wall Street Zen lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Finally, HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $29.17, for a total value of $72,925.00. Following the sale, the director owned 12,625 shares in the company, valued at $368,271.25. This represents a 16.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Large investors have recently bought and sold shares of the company. AlphaQuest LLC boosted its position in Rigel Pharmaceuticals by 234.8% in the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 775 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 1,020 shares in the last quarter. IFP Advisors Inc purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter worth approximately $55,000. CWM LLC boosted its position in Rigel Pharmaceuticals by 217.0% in the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 1,226 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter worth approximately $62,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock opened at $32.91 on Friday. Rigel Pharmaceuticals has a fifty-two week low of $18.14 and a fifty-two week high of $52.24. The firm has a market capitalization of $608.84 million, a price-to-earnings ratio of 1.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.48 and a current ratio of 2.62. The stock’s 50-day simple moving average is $30.19 and its 200-day simple moving average is $33.93.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The business had revenue of $58.82 million for the quarter, compared to analysts’ expectations of $62.40 million. As a group, equities analysts forecast that Rigel Pharmaceuticals will post 3.76 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).