Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reaffirmed at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $85.00 target price on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 80.74% from the company’s current price.

Other analysts have also issued reports about the company. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Weiss Ratings raised Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $59.00.

Rigel Pharmaceuticals Trading Up 2.3%

RIGL stock traded up $1.06 during trading hours on Monday, hitting $47.03. 47,217 shares of the stock were exchanged, compared to its average volume of 347,281. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.24. The firm has a market capitalization of $870.06 million, a P/E ratio of 2.88 and a beta of 1.19. The company has a 50-day simple moving average of $46.52 and a two-hundred day simple moving average of $38.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued 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 company had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.28 million. On average, equities research analysts predict that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals in the third quarter valued at $25,793,000. State of Alaska Department of Revenue purchased a new position in shares of Rigel Pharmaceuticals in the third quarter worth $275,000. Venture Visionary Partners LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter valued at $296,000. Juncture Wealth Strategies LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter valued at $220,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Rigel Pharmaceuticals in the second quarter worth about $38,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.