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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus rating of “Hold” by the seven analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $43.20.

Several analysts have weighed in on RIGL shares. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Cantor Fitzgerald boosted their target price on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, January 14th. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd.

Rigel Pharmaceuticals Stock Up 2.8%

Shares of NASDAQ RIGL opened at $34.15 on Friday. The stock has a market capitalization of $619.82 million, a P/E ratio of 5.53 and a beta of 1.11. Rigel Pharmaceuticals has a one year low of $15.50 and a one year high of $52.24. The firm’s 50 day simple moving average is $40.78 and its two-hundred day simple moving average is $36.32. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, beating 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 company had revenue of $69.46 million during the quarter, compared to analysts’ expectations of $61.88 million. As a group, analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. AlphaQuest LLC increased its position in shares of 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. Laurel Wealth Advisors LLC grew 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 purchasing an additional 2,660 shares during the last quarter. IFP Advisors Inc purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $55,000. Caitong International Asset Management Co. Ltd purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $62,000. Finally, Wexford Capital LP bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at approximately $66,000. Institutional investors 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).