Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average rating of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $54.50.

A number of equities analysts recently commented on the stock. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Tuesday, April 21st. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. HC Wainwright reiterated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Friday. Finally, Citigroup reiterated a “buy” rating and set a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC boosted its stake in shares of Rigel Pharmaceuticals by 234.8% in the 3rd 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. IFP Advisors Inc acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $55,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $62,000. Finally, Wexford Capital LP acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $66,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

Shares of RIGL opened at $29.01 on Monday. The firm has a market capitalization of $536.69 million, a PE ratio of 1.55 and a beta of 1.21. The company’s 50-day moving average is $28.55 and its 200-day moving average is $35.45. Rigel Pharmaceuticals has a fifty-two week low of $18.14 and a fifty-two week high of $52.24. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.36). The company had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. Equities analysts forecast that Rigel Pharmaceuticals will post 3.76 EPS 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).