Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Gap Up – Still a Buy?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares gapped up before the market opened on Wednesday . The stock had previously closed at $47.09, but opened at $48.62. Rigel Pharmaceuticals shares last traded at $48.2950, with a volume of 9,123 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIGL. Piper Sandler reissued a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. HC Wainwright restated a “buy” rating and set a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Weiss Ratings upgraded Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, September 9th. Finally, Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Rigel Pharmaceuticals Trading Down 3.0%

The firm has a market capitalization of $876.40 million, a P/E ratio of 2.89 and a beta of 1.20. The business has a 50-day moving average of $43.30 and a 200 day moving average of $35.40.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. As a group, research analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current year.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new position in shares of Rigel Pharmaceuticals in the second quarter valued at $38,000. IFP Advisors Inc raised its holdings in shares of Rigel Pharmaceuticals by 21.8% in the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock worth $97,000 after acquiring an additional 405 shares during the last quarter. Legal & General Group Plc bought a new position in Rigel Pharmaceuticals in the 2nd quarter valued at about $162,000. Persistent Asset Partners Ltd bought a new position in Rigel Pharmaceuticals in the 2nd quarter valued at about $228,000. Finally, Entropy Technologies LP acquired a new position in Rigel Pharmaceuticals during the 1st quarter valued at about $251,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

Rigel’s principal commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for the treatment of adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.