Rigel Pharmaceuticals, Inc. (RIGL) – What Are Analysts Saying About This Stock?

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received an average recommendation of “Hold” from the seven ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $59.00.

RIGL has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $85.00 price target on shares of Rigel Pharmaceuticals in a research note on Monday. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Piper Sandler reaffirmed a “neutral” rating and set a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, Weiss Ratings raised Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently bought and sold shares of RIGL. Jupiter Topco LLC purchased a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $3,450,000. Empowered Funds LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth approximately $2,234,000. Bank of New York Mellon Corp acquired a new position in Rigel Pharmaceuticals during the second quarter worth $4,233,000. Man Group plc purchased a new position in shares of Rigel Pharmaceuticals in the second quarter valued at $814,000. Finally, Dimensional Fund Advisors LP grew its stake in Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after acquiring an additional 102,729 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL opened at $48.88 on Thursday. The company has a market capitalization of $904.28 million, a P/E ratio of 3.00 and a beta of 1.19. The business’s 50-day moving average is $46.88 and its two-hundred day moving average is $38.50. Rigel Pharmaceuticals has a fifty-two week low of $24.95 and a fifty-two week high of $52.24.

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

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc (NASDAQ:RIGL) is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

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