Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Recommendation of “Hold” from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Hold” by the five research firms that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $36.80.

RIGL has been the topic of several research analyst reports. Cantor Fitzgerald upped their price target 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. Citigroup raised their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 6th. B. Riley boosted their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Finally, StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 8th.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. purchased a new stake in Rigel Pharmaceuticals during the 4th quarter valued at about $63,000. Wells Fargo & Company MN lifted its position in Rigel Pharmaceuticals by 44.5% in the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 2,648 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Rigel Pharmaceuticals by 42.8% during the fourth 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 during the period. Graham Capital Management L.P. bought a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth approximately $170,000. Finally, Integrated Quantitative Investments LLC purchased a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth $181,000. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL opened at $18.91 on Wednesday. The stock has a market capitalization of $337.79 million, a price-to-earnings ratio of 135.08 and a beta of 1.35. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The stock’s 50-day simple moving average is $21.02 and its 200 day simple moving average is $19.15.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. The company had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. On average, research analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

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.