Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of “Hold” from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $43.20.

A number of research firms have issued reports on RIGL. Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Cantor Fitzgerald raised their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock opened at $33.02 on Wednesday. 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 has a 12-month low of $15.50 and a 12-month high of $52.24. The firm has a fifty day moving average of $37.76 and a 200-day moving average of $37.43. The firm has a market capitalization of $599.31 million, a price-to-earnings ratio of 5.35 and a beta of 1.10.

Insider Activity

In related news, Director Walter H. Moos sold 4,000 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $36.36, for a total transaction of $145,440.00. Following the completion of the transaction, the director directly owned 12,722 shares in the company, valued at approximately $462,571.92. This trade represents a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.04% of the company’s stock.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaQuest LLC increased its holdings in shares of Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 775 shares during the last quarter. Laurel Wealth Advisors LLC boosted its position in Rigel Pharmaceuticals by 1,773.3% during 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 period. IFP Advisors Inc bought a new position in Rigel Pharmaceuticals during the third quarter worth $55,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at about $62,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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).