Rigel Pharmaceuticals (NASDAQ:RIGL) Receives “Buy” Rating from HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $57.00 price target on the biotechnology company’s stock. HC Wainwright’s price objective would suggest a potential upside of 90.89% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Finally, Citigroup reissued a “buy” rating and set a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Trading Down 2.1%

Shares of RIGL opened at $29.86 on Tuesday. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average is $28.97 and its two-hundred day moving average is $35.23. Rigel Pharmaceuticals has a twelve month low of $18.14 and a twelve month high of $52.24. The firm has a market capitalization of $552.47 million, a P/E ratio of 1.60 and a beta of 1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). The business had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. On average, research analysts predict that Rigel Pharmaceuticals will post 3.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigel Pharmaceuticals

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $29.17, for a total value of $72,925.00. Following the sale, the director owned 12,625 shares of the company’s stock, valued at approximately $368,271.25. This represents a 16.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.47% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its position in shares of Rigel Pharmaceuticals by 23.2% in the 1st quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock valued at $3,897,000 after acquiring an additional 27,179 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Rigel Pharmaceuticals by 275.2% in the first quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock valued at $3,674,000 after purchasing an additional 99,659 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $2,234,000. Quantinno Capital Management LP raised its holdings in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock valued at $351,000 after purchasing an additional 576 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $773,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).