Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $45.67 Consensus Target Price from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average rating of “Moderate Buy” from the six research firms that are covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $45.6667.

A number of research analysts have recently commented on RIGL shares. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $36.36, for a total value of $145,440.00. Following the completion of the transaction, the director directly owned 12,722 shares of the company’s stock, valued at approximately $462,571.92. This trade represents a 23.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.48% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. AlphaQuest LLC grew its position in shares of Rigel Pharmaceuticals by 234.8% in the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 775 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in Rigel Pharmaceuticals by 1,773.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock worth $53,000 after purchasing an additional 2,660 shares in the last quarter. IFP Advisors Inc bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth about $55,000. Northwestern Mutual Wealth Management Co. grew its holdings in Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 1,020 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $62,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 0.1%

Shares of RIGL stock opened at $27.53 on Friday. The company has a quick ratio of 2.30, a current ratio of 2.42 and a debt-to-equity ratio of 0.06. The firm has a market cap of $508.48 million, a P/E ratio of 1.46 and a beta of 1.27. The company has a 50 day moving average of $31.53 and a 200-day moving average of $35.54. Rigel Pharmaceuticals has a 12-month low of $15.50 and a 12-month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, March 3rd. The biotechnology company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.19). Rigel Pharmaceuticals had a net margin of 124.72% and a return on equity of 79.84%. The firm had revenue of $69.80 million during the quarter, compared to analysts’ expectations of $68.70 million. Sell-side analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

About Rigel Pharmaceuticals

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).