StockNews.com Downgrades Rigel Pharmaceuticals (NASDAQ:RIGL) to Buy

StockNews.com downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Several other analysts have also recently commented on the company. Piper Sandler upped their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Cantor Fitzgerald increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. B. Riley boosted their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, March 5th. Finally, Citigroup upped their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.80.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $19.53 on Friday. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The firm has a market cap of $348.86 million, a PE ratio of 139.51 and a beta of 1.35. The firm’s fifty day moving average is $20.28 and its 200-day moving average is $18.62.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The firm had revenue of $57.60 million for the quarter, compared to the consensus estimate of $57.59 million. Sell-side analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Activity

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now owns 58,969 shares in the company, valued at $1,233,631.48. This represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,113 shares of company stock worth $190,644 in the last quarter. 9.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RIGL. China Universal Asset Management Co. Ltd. bought a new stake in shares of Rigel Pharmaceuticals during the fourth quarter valued at approximately $63,000. Wells Fargo & Company MN lifted its holdings in shares of Rigel Pharmaceuticals by 44.5% in the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 2,648 shares in the last quarter. SG Americas Securities LLC increased 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 valued at $159,000 after purchasing an additional 2,827 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Rigel Pharmaceuticals during the fourth quarter worth $170,000. Finally, Integrated Quantitative Investments LLC acquired a new position in Rigel Pharmaceuticals during the fourth quarter worth $181,000. 66.23% of the stock is owned by institutional investors and hedge funds.

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.