Rigel Pharmaceuticals (NASDAQ:RIGL) Rating Increased to Hold at Zacks Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on RIGL. Piper Sandler restated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Weiss Ratings raised Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Finally, HC Wainwright restated a “buy” rating and set a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $43.62 on Monday. The firm has a market cap of $806.97 million, a PE ratio of 2.67 and a beta of 1.16. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.24. The firm has a 50 day simple moving average of $38.55 and a 200 day simple moving average of $33.26.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted 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. The firm had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. As a group, sell-side analysts expect that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. The trade was a 19.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its position in Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 1,020 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $62,000. Wexford Capital LP acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $66,000. CWM LLC lifted its position in shares of Rigel Pharmaceuticals by 217.0% in the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 1,226 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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).