Analysts Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Price Target at $59.00

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average rating of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $59.00.

Several brokerages recently commented on RIGL. Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Piper Sandler reissued a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. HC Wainwright reissued a “buy” rating and issued a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 25th.

Insider Transactions at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the transaction, the director owned 10,125 shares in the company, 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 at this link. 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 corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Rigel Pharmaceuticals during the second quarter valued at approximately $75,886,000. State Street Corp lifted its stake in Rigel Pharmaceuticals by 96.9% in the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock worth $46,737,000 after acquiring an additional 536,905 shares during the period. Armistice Capital LLC boosted its holdings in Rigel Pharmaceuticals by 15.5% in the fourth quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock valued at $35,806,000 after acquiring an additional 112,000 shares in the last quarter. Marshall Wace LLP boosted its holdings in Rigel Pharmaceuticals by 2.0% in the fourth quarter. Marshall Wace LLP now owns 613,600 shares of the biotechnology company’s stock valued at $26,280,000 after acquiring an additional 12,267 shares in the last quarter. Finally, LSV Asset Management increased its position in Rigel Pharmaceuticals by 390.8% during the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after purchasing an additional 433,382 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Price Performance

RIGL opened at $46.48 on Wednesday. The stock’s 50 day simple moving average is $40.73 and its 200 day simple moving average is $33.90. Rigel Pharmaceuticals has a 1 year low of $24.95 and a 1 year high of $52.24. The firm has a market cap of $859.88 million, a price-to-earnings ratio of 2.85 and a beta of 1.16.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The business had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.27 million. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Rigel Pharmaceuticals Company Profile

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).