Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Recommendation of “Moderate Buy” from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $43.20.

RIGL has been the topic of a number of recent analyst reports. Cantor Fitzgerald lifted their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their target price for the company from $23.00 to $42.00 in a report on Wednesday, November 5th.

Rigel Pharmaceuticals Stock Down 2.2%

RIGL stock opened at $39.96 on Tuesday. The company has a 50 day moving average of $43.01 and a two-hundred day moving average of $34.23. The company has a market cap of $725.27 million, a price-to-earnings ratio of 6.48 and a beta of 1.11. Rigel Pharmaceuticals has a 12-month low of $15.50 and a 12-month high of $52.24. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The business had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. On average, equities analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIGL. AlphaQuest LLC grew its position in Rigel Pharmaceuticals by 234.8% in the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 775 shares during the period. RMG Wealth Management LLC bought a new stake in Rigel Pharmaceuticals during the 2nd quarter worth about $41,000. Laurel Wealth Advisors LLC raised its stake in shares of Rigel Pharmaceuticals by 1,773.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock worth $53,000 after acquiring an additional 2,660 shares during the last quarter. IFP Advisors Inc acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth approximately $55,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $62,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).