Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Down 6.1% – What’s Next?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price fell 6.1% on Tuesday . The stock traded as low as $44.03 and last traded at $44.3550. 523,372 shares changed hands during mid-day trading, an increase of 28% from the average session volume of 407,502 shares. The stock had previously closed at $47.26.

Analyst Ratings Changes

A number of research firms have issued reports on RIGL. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price target for the company from $23.00 to $42.00 in a report on Wednesday, November 5th. Finally, Wall Street Zen lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.20.

Rigel Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. The firm’s 50 day moving average is $34.58 and its 200-day moving average is $29.29. The stock has a market capitalization of $806.09 million, a price-to-earnings ratio of 8.21 and a beta of 1.22.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, beating the consensus estimate of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The company had revenue of $69.46 million for the quarter, compared to analyst estimates of $61.88 million. Analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Large investors have recently bought and sold shares of the business. IFP Advisors Inc purchased a new position in Rigel Pharmaceuticals during the third quarter worth approximately $55,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $62,000. PharVision Advisers LLC purchased a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at approximately $581,000. Optimist Retirement Group LLC acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at $293,000. Finally, Virtus Advisers LLC increased its holdings in Rigel Pharmaceuticals by 262.4% in the 3rd quarter. Virtus Advisers LLC now owns 8,027 shares of the biotechnology company’s stock worth $227,000 after acquiring an additional 5,812 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.