Rigel Pharmaceuticals (NASDAQ:RIGL) Given New $24.00 Price Target at B. Riley

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target hoisted by B. Riley from $20.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s price target suggests a potential upside of 22.64% from the stock’s previous close.

Several other research firms also recently weighed in on RIGL. Piper Sandler boosted their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday. StockNews.com downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Citigroup lifted their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL traded down $2.51 on Wednesday, hitting $19.57. 345,167 shares of the stock were exchanged, compared to its average volume of 240,090. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The firm has a market capitalization of $344.73 million, a P/E ratio of 139.22 and a beta of 1.35. The stock has a fifty day moving average price of $20.01 and a two-hundred day moving average price of $18.40.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.50. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The firm had revenue of $57.60 million during the quarter, compared to the consensus estimate of $57.59 million. Sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now owns 243,854 shares of the company’s stock, valued at approximately $5,101,425.68. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares in the company, valued at $1,119,220. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,113 shares of company stock valued at $190,644 over the last quarter. 9.04% of the stock is owned by insiders.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $676,000. Soleus Capital Management L.P. lifted its stake in shares of Rigel Pharmaceuticals by 21.0% in the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after acquiring an additional 195,891 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Rigel Pharmaceuticals by 40.1% in the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after acquiring an additional 18,159 shares in the last quarter. Two Sigma Advisers LP increased its stake in shares of Rigel Pharmaceuticals by 63.0% during the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock worth $1,062,000 after acquiring an additional 24,400 shares during the period. Finally, Two Sigma Investments LP purchased a new position in Rigel Pharmaceuticals during the fourth quarter worth about $1,025,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.