Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Price Target at $36.20

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned a consensus rating of “Hold” from the five analysts that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $36.20.

A number of brokerages have commented on RIGL. Citigroup boosted their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Cantor Fitzgerald increased their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Piper Sandler increased their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $21.16 on Tuesday. The firm has a market cap of $372.73 million, a P/E ratio of 151.15 and a beta of 1.31. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The firm’s 50 day moving average price is $20.25 and its 200 day moving average price is $16.78.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.69. The company had revenue of $55.31 million for the quarter, compared to the consensus estimate of $40.69 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. During the same quarter last year, the firm posted ($0.30) earnings per share. As a group, equities analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently modified their holdings of RIGL. Rhumbline Advisers boosted its stake in Rigel Pharmaceuticals by 6.3% during the fourth quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company’s stock worth $423,000 after buying an additional 1,485 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals during the 4th quarter valued at about $63,000. SG Americas Securities LLC boosted its stake in Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 2,827 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after acquiring an additional 8,140 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter worth approximately $193,000. Institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.