Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $55.00 at Citigroup

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price increased by Citigroup from $49.00 to $55.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other research firms also recently weighed in on RIGL. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday. Piper Sandler increased their price objective 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. Cantor Fitzgerald increased their price objective 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. B. Riley increased their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.

Rigel Pharmaceuticals Stock Up 4.2 %

Shares of Rigel Pharmaceuticals stock opened at $20.52 on Thursday. The company has a market cap of $361.46 million, a price-to-earnings ratio of 146.58 and a beta of 1.35. The company’s 50 day moving average is $20.22 and its 200 day moving average is $18.52. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82.

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

Insider Activity at Rigel Pharmaceuticals

In related news, EVP David A. Santos sold 2,125 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the transaction, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at $5,101,425.68. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,113 shares of company stock valued at $190,644. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. purchased a new position in Rigel Pharmaceuticals during the fourth quarter valued at $63,000. Wells Fargo & Company MN grew its stake in shares of Rigel Pharmaceuticals by 44.5% in the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after buying an additional 2,648 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after buying an additional 2,827 shares in the last quarter. Graham Capital Management L.P. purchased a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth $170,000. Finally, Integrated Quantitative Investments LLC purchased a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth $181,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.