Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Rating of “Hold” from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average rating of “Hold” from the seven research firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $43.20.

A number of equities research analysts have recently weighed in on RIGL shares. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Finally, Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price target for the company from $23.00 to $42.00 in a report on Wednesday, November 5th.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in RIGL. AQR Capital Management LLC acquired a new position in shares of Rigel Pharmaceuticals during the 1st quarter valued at about $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 1,464 shares during the period. Carrera Capital Advisors acquired a new position in Rigel Pharmaceuticals during the second quarter valued at approximately $942,000. Aviva PLC raised its position in shares of Rigel Pharmaceuticals by 16.0% in the second quarter. Aviva PLC now owns 23,789 shares of the biotechnology company’s stock valued at $446,000 after purchasing an additional 3,285 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 10.3% in the second quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company’s stock worth $11,664,000 after buying an additional 57,959 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 0.3%

Rigel Pharmaceuticals stock opened at $34.32 on Friday. Rigel Pharmaceuticals has a 12 month low of $15.50 and a 12 month high of $52.24. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. The stock has a market cap of $622.91 million, a P/E ratio of 5.56 and a beta of 1.11. The company’s fifty day simple moving average is $39.53 and its 200-day simple moving average is $36.81.

About Rigel Pharmaceuticals

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).