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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned a consensus recommendation of “Hold” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $36.80.

A number of equities research analysts recently commented on the stock. B. Riley upped their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, March 5th. StockNews.com lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. Cantor Fitzgerald boosted their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Citigroup increased their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL opened at $20.20 on Wednesday. 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 of $20.91 and a 200 day moving average of $19.06. The company has a market capitalization of $360.83 million, a price-to-earnings ratio of 144.30 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (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 firm had revenue of $57.60 million for the quarter, compared to analysts’ expectations of $57.59 million. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Activity

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of the company’s 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 sale, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock worth $190,644 in the last quarter. 9.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. China Universal Asset Management Co. Ltd. bought a new stake in Rigel Pharmaceuticals in the fourth quarter worth $63,000. Wells Fargo & Company MN raised its position 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 purchasing an additional 2,648 shares during the last quarter. SG Americas Securities LLC boosted its stake in 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 purchasing an additional 2,827 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in Rigel Pharmaceuticals during the 4th quarter valued at about $170,000. Finally, Integrated Quantitative Investments LLC bought a new stake in Rigel Pharmaceuticals during the 4th quarter valued at about $181,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.