Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Rating of “Hold” from Analysts

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

A number of research firms have issued reports on RIGL. Citigroup reaffirmed a “buy” rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Tuesday, April 21st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total value of $87,500.00. Following the sale, the director directly owned 10,125 shares in the company, valued at $354,375. This trade represents a 19.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at approximately $55,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Rigel Pharmaceuticals by 400.0% during the fourth 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 during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the third quarter valued at $62,000. Wexford Capital LP bought a new position in Rigel Pharmaceuticals in the third quarter worth $66,000. Finally, CWM LLC lifted its position in Rigel Pharmaceuticals by 217.0% in the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 1,226 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Down 2.9%

Rigel Pharmaceuticals stock opened at $41.30 on Tuesday. 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 has a fifty-two week low of $18.65 and a fifty-two week high of $52.24. The firm has a fifty day moving average price of $33.01 and a two-hundred day moving average price of $33.37. The firm has a market cap of $764.05 million, a price-to-earnings ratio of 2.21 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The business had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. As a group, analysts forecast that Rigel Pharmaceuticals will post 3.51 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).