Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $86.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target upped by Citigroup from $83.00 to $86.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup‘s target price points to a potential upside of 109.01% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. Weiss Ratings upgraded Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Piper Sandler reiterated a “neutral” rating and set a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $43.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday. HC Wainwright reiterated a “buy” rating and issued a $85.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday, October 19th. Finally, Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Three equities research 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 MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $66.75.

Rigel Pharmaceuticals Stock Up 3.8%

RIGL stock traded up $1.50 during midday trading on Monday, hitting $41.15. The company’s stock had a trading volume of 126,971 shares, compared to its average volume of 342,337. The stock has a market cap of $761.20 million, a price-to-earnings ratio of 2.66 and a beta of 1.28. The stock’s 50-day moving average price is $47.79 and its 200 day moving average price is $37.47. Rigel Pharmaceuticals has a 1 year low of $24.95 and a 1 year high of $52.60.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Thursday, November 5th. The biotechnology company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.27). Rigel Pharmaceuticals had a return on equity of 15.25% and a net margin of 106.59%. The company had revenue of $80.89 million during the quarter, compared to the consensus estimate of $80.10 million. As a group, equities analysts forecast that Rigel Pharmaceuticals will post 2.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently modified their holdings of RIGL. China Universal Asset Management Co. Ltd. boosted its holdings in Rigel Pharmaceuticals by 15.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,408 shares of the biotechnology company’s stock valued at $167,000 after purchasing an additional 463 shares during the period. Allworth Financial LP grew its position in shares of Rigel Pharmaceuticals by 103.7% during the 3rd quarter. Allworth Financial LP now owns 982 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 500 shares in the last quarter. Signaturefd LLC grew its position in shares of Rigel Pharmaceuticals by 180.0% during the 3rd quarter. Signaturefd LLC now owns 826 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 531 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in shares of Rigel Pharmaceuticals by 1.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock worth $779,000 after purchasing an additional 546 shares during the period. Finally, Signature Equity Partners LLC bought a new position in shares of Rigel Pharmaceuticals in the third quarter worth $27,000. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc (NASDAQ:RIGL) is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel’s primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.