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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given an average rating of “Moderate Buy” by the six research firms that are covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $45.6667.

RIGL has been the subject of several research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, January 14th. Finally, Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Walter H. Moos sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $36.36, for a total value of $145,440.00. Following the sale, the director owned 12,722 shares in the company, valued at approximately $462,571.92. The trade was a 23.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.48% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently made changes to their positions in RIGL. Hsbc Holdings PLC lifted its position in shares of Rigel Pharmaceuticals by 17.8% in the fourth quarter. Hsbc Holdings PLC now owns 12,444 shares of the biotechnology company’s stock worth $537,000 after purchasing an additional 1,882 shares in the last quarter. Invesco Ltd. grew its position in Rigel Pharmaceuticals by 24.1% in the fourth quarter. Invesco Ltd. now owns 34,921 shares of the biotechnology company’s stock valued at $1,496,000 after purchasing an additional 6,790 shares in the last quarter. VARCOV Co. bought a new position in Rigel Pharmaceuticals in the fourth quarter valued at $238,000. Verdad Advisers LP acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $372,000. Finally, Virtus Investment Advisers LLC bought a new stake in Rigel Pharmaceuticals during the 4th quarter worth about $279,000. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Trading Down 2.1%

NASDAQ:RIGL opened at $25.81 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.42 and a quick ratio of 2.30. The business’s 50-day simple moving average is $32.36 and its 200-day simple moving average is $35.82. Rigel Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.24. The stock has a market capitalization of $476.71 million, a PE ratio of 1.36 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, March 3rd. The biotechnology company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.19). The business had revenue of $69.80 million for the quarter, compared to the consensus estimate of $68.70 million. Rigel Pharmaceuticals had a return on equity of 79.84% and a net margin of 124.72%. Sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Company Profile

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).