Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given an average rating of “Moderate Buy” by the seven ratings firms that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $59.00.

A number of brokerages have weighed in on RIGL. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Piper Sandler reissued a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 9th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Finally, Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $47.89 on Friday. The stock’s 50-day moving average is $43.56 and its 200-day moving average is $35.67. The company has a market cap of $885.97 million, a price-to-earnings ratio of 2.93 and a beta of 1.20. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. Research analysts anticipate that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Jupiter Topco LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $3,450,000. Empowered Funds LLC acquired a new position in Rigel Pharmaceuticals during the 1st quarter worth approximately $2,234,000. Dimensional Fund Advisors LP boosted its holdings in Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock worth $10,259,000 after acquiring an additional 102,729 shares during the period. Janus Henderson Group PLC boosted its holdings in Rigel Pharmaceuticals by 275.2% in the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock worth $3,674,000 after acquiring an additional 99,659 shares during the period. Finally, Man Group plc acquired a new stake in Rigel Pharmaceuticals in the second quarter valued at approximately $814,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

Rigel’s principal commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for the treatment of adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.