Rigel Pharmaceuticals (NASDAQ:RIGL) Earns Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $57.00 target price on the biotechnology company’s stock.

A number of other research firms also recently weighed in on RIGL. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. B. Riley upped their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Piper Sandler increased their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $21.81 on Wednesday. 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 $384.07 million, a PE ratio of 155.80 and a beta of 1.31. The firm’s fifty day moving average is $20.72 and its 200-day moving average is $16.03.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.01 by $0.69. The firm had revenue of $55.31 million for the quarter, compared to the consensus estimate of $40.69 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. During the same period in the previous year, the business earned ($0.30) EPS. Sell-side analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at about $7,148,000. FMR LLC raised its position in shares of Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after purchasing an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares in the last quarter. PDT Partners LLC acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at $322,000. Finally, BNP Paribas Financial Markets increased its stake in Rigel Pharmaceuticals by 1,199.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares in the last quarter. 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.