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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus rating of “Hold” by the six brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $54.50.

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

Insider Activity

In related news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the sale, the director owned 10,125 shares of the company’s stock, valued at approximately $354,375. This trade represents a 19.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares during the last quarter. IFP Advisors Inc bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $55,000. CWM LLC boosted its holdings in shares of Rigel Pharmaceuticals by 217.0% in the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 1,226 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at $62,000. Finally, Truvestments Capital LLC grew its stake in shares of Rigel Pharmaceuticals by 120.3% in the fourth quarter. Truvestments Capital LLC now owns 2,207 shares of the biotechnology company’s stock valued at $95,000 after buying an additional 1,205 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Trading Up 2.4%

Shares of Rigel Pharmaceuticals stock traded up $0.95 during trading hours on Tuesday, hitting $41.21. The company’s stock had a trading volume of 212,966 shares, compared to its average volume of 383,342. The company has a market capitalization of $762.44 million, a PE ratio of 2.20 and a beta of 1.14. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. The stock has a 50 day moving average of $31.74 and a 200 day moving average of $33.37. Rigel Pharmaceuticals has a 12 month low of $18.24 and a 12 month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The business had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. Analysts predict that Rigel Pharmaceuticals will post 3.51 earnings per share for the current year.

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).