Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Up 8.4% – Time to Buy?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was up 8.4% during trading on Wednesday . The stock traded as high as $47.70 and last traded at $46.91. Approximately 135,705 shares were traded during trading, a decline of 64% from the average daily volume of 380,874 shares. The stock had previously closed at $43.28.

Wall Street Analyst Weigh In

RIGL has been the topic of several research analyst reports. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Cantor Fitzgerald raised their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Zacks Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday. One research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.20.

Rigel Pharmaceuticals Trading Down 5.4%

The firm has a market cap of $807.72 million, a price-to-earnings ratio of 7.21 and a beta of 1.11. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $42.64 and a 200 day moving average price of $33.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The company had revenue of $69.46 million during the quarter, compared to the consensus estimate of $61.88 million. As a group, research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIGL. Rhumbline Advisers lifted its stake in Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after acquiring an additional 555 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Rigel Pharmaceuticals by 234.8% during 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. GSA Capital Partners LLP raised its holdings in shares of Rigel Pharmaceuticals by 2.1% during the 3rd quarter. GSA Capital Partners LLP now owns 41,771 shares of the biotechnology company’s stock valued at $1,183,000 after purchasing an additional 850 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Rigel Pharmaceuticals by 14.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 1,464 shares during the last quarter. Finally, Man Group plc boosted its holdings in Rigel Pharmaceuticals by 14.6% in the second quarter. Man Group plc now owns 11,772 shares of the biotechnology company’s stock worth $220,000 after purchasing an additional 1,501 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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).