Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded at Zacks Research

Zacks Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong sell rating to a hold rating in a research report released on Thursday,Zacks reports.

A number of other brokerages have also commented on RIGL. HC Wainwright reiterated a “buy” rating and issued a $85.00 price objective on shares of Rigel Pharmaceuticals in a research report on Monday, October 19th. Cantor Fitzgerald lifted their price target on shares of Rigel Pharmaceuticals from $43.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, November 6th. Citigroup boosted their price target on shares of Rigel Pharmaceuticals from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, November 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Finally, Weiss Ratings lowered shares of Rigel Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, November 9th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $66.75.

Rigel Pharmaceuticals Stock Performance

RIGL traded down $1.23 during mid-day trading on Thursday, reaching $44.46. The stock had a trading volume of 151,588 shares, compared to its average volume of 261,596. The stock has a market capitalization of $837.18 million, a P/E ratio of 2.87 and a beta of 1.28. The firm’s fifty day simple moving average is $47.44 and its two-hundred day simple moving average is $37.64. Rigel Pharmaceuticals has a 52 week low of $24.95 and a 52 week high of $52.60.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Thursday, November 5th. The biotechnology company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.27). The firm had revenue of $80.89 million during the quarter, compared to analyst estimates of $80.00 million. Rigel Pharmaceuticals had a net margin of 106.59% and a return on equity of 14.89%. As a group, analysts expect that Rigel Pharmaceuticals will post 2.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $75,886,000. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the 3rd quarter worth approximately $25,793,000. Marshall Wace LLP boosted its stake in Rigel Pharmaceuticals by 9.8% during the 3rd quarter. Marshall Wace LLP now owns 403,462 shares of the biotechnology company’s stock worth $19,427,000 after acquiring an additional 36,069 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Rigel Pharmaceuticals by 37.1% during 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 last quarter. Finally, Bank of America Corp DE grew its holdings in Rigel Pharmaceuticals by 23.2% during the first quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock valued at $3,897,000 after purchasing an additional 27,179 shares during the period. 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 medicines for people with serious hematologic disorders and cancers. Founded in 1996 and based in South San Francisco, California, the company has focused on treatments that target biological pathways involved in disease. Rigel’s marketed products include Tavalisse (fostamatinib), an oral treatment for adults with chronic immune thrombocytopenia who have had an insufficient response to prior treatment, and Rezlidhia (olutasidenib), an oral therapy for certain adults with relapsed or refractory acute myeloid leukemia containing an IDH1 mutation.