Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a research note published on Saturday morning.

Other analysts have also recently issued reports about the company. B. Riley upped their target price on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday. Piper Sandler raised their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Cantor Fitzgerald raised their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Citigroup raised their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $20.52 on Friday. The stock has a 50-day simple moving average of $20.22 and a 200-day simple moving average of $18.52. The stock has a market cap of $361.46 million, a P/E ratio of 146.58 and a beta of 1.35. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82.

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

Insider Transactions at Rigel Pharmaceuticals

In related news, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals 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 transaction, the chief executive officer now owns 243,854 shares in the company, valued at $5,101,425.68. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,113 shares of company stock worth $190,644 over the last quarter. 9.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Soleus Capital Management L.P. boosted its holdings in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after acquiring an additional 195,891 shares during the last quarter. Vanguard Group Inc. raised its position in Rigel Pharmaceuticals by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company’s stock valued at $17,038,000 after purchasing an additional 27,640 shares during the period. Geode Capital Management LLC raised its position in Rigel Pharmaceuticals by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock valued at $6,764,000 after purchasing an additional 2,388 shares during the period. State Street Corp raised its position in Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after purchasing an additional 2,552 shares during the period. Finally, Stonepine Capital Management LLC raised its position in Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.