Rigel Pharmaceuticals (NASDAQ:RIGL) Earns Buy Rating from HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report released on Monday, Benzinga reports. They presently have a $85.00 price target on the biotechnology company’s stock. HC Wainwright‘s price objective would indicate a potential upside of 76.68% from the stock’s previous close.

RIGL has been the topic of a number of other reports. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.00.

Rigel Pharmaceuticals Stock Up 3.0%

Shares of NASDAQ:RIGL traded up $1.39 during midday trading on Monday, reaching $48.11. The company’s stock had a trading volume of 366,256 shares, compared to its average volume of 348,764. The firm has a 50 day moving average of $46.62 and a 200-day moving average of $38.20. The firm has a market capitalization of $890.04 million, a P/E ratio of 2.95 and a beta of 1.19. 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 earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. The firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.28 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. On average, research analysts predict that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RIGL. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $25,793,000. State of Alaska Department of Revenue bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $275,000. Venture Visionary Partners LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $296,000. Juncture Wealth Strategies LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $220,000. Finally, Integrated Wealth Concepts LLC bought a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $38,000. Institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel’s marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.