Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Rating of “Hold” by Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Hold” by the five brokerages that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $36.80.

A number of equities analysts recently issued reports on the company. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. Cantor Fitzgerald raised their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. B. Riley raised their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, March 5th. Finally, Citigroup raised their price objective 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.

Insider Activity

In other 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 completion of the sale, the chief financial officer now directly owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 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 $103,595.84. Following the sale, the chief executive officer now owns 243,854 shares of the company’s stock, valued at approximately $5,101,425.68. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,113 shares of company stock worth $190,644. Company insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Soleus Capital Management L.P. raised its position in shares of Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after purchasing an additional 195,891 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Rigel Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company’s stock worth $17,038,000 after purchasing an additional 27,640 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock worth $6,764,000 after purchasing an additional 2,388 shares during the last quarter. State Street Corp raised its position in shares of Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after purchasing an additional 2,552 shares during the last quarter. Finally, Stonepine Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 1.3% during the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after purchasing an additional 4,100 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Down 3.3 %

NASDAQ RIGL opened at $20.33 on Wednesday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The business’s 50-day moving average price is $20.66 and its 200 day moving average price is $18.91. The firm has a market cap of $363.15 million, a P/E ratio of 145.22 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $57.59 million. As a group, analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current 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.