Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Target Price at $59.00

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $59.00.

Several research firms have recently weighed in on RIGL. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 9th. Piper Sandler restated a “neutral” rating and issued a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. HC Wainwright reiterated a “buy” rating and set a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Finally, Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th.

Rigel Pharmaceuticals Stock Up 3.7%

NASDAQ:RIGL opened at $48.82 on Friday. The stock has a fifty day simple moving average of $43.30 and a 200 day simple moving average of $35.40. The firm has a market capitalization of $903.17 million, a price-to-earnings ratio of 2.99 and a beta of 1.20. Rigel Pharmaceuticals has a 1-year low of $24.95 and a 1-year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Equities analysts predict that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIGL. Integrated Wealth Concepts LLC acquired a new position in Rigel Pharmaceuticals during the second quarter valued at $38,000. Squarepoint Ops LLC boosted its position in Rigel Pharmaceuticals by 137.1% during the 2nd quarter. Squarepoint Ops LLC now owns 66,658 shares of the biotechnology company’s stock worth $2,608,000 after acquiring an additional 38,550 shares during the period. Hsbc Holdings PLC grew its stake in Rigel Pharmaceuticals by 34.0% during the 2nd quarter. Hsbc Holdings PLC now owns 18,577 shares of the biotechnology company’s stock valued at $745,000 after acquiring an additional 4,716 shares in the last quarter. Empowered Funds LLC purchased a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $3,098,000. Finally, Bank of America Corp DE acquired a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $4,832,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

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