Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $54.50 Average Price Target from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus recommendation of “Hold” by the six research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $54.50.

A number of research firms have issued reports on RIGL. Citigroup restated a “buy” rating and set a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st.

Insider Activity

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently modified their holdings of RIGL. IFP Advisors Inc bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $55,000. Northwestern Mutual Wealth Management Co. lifted its stake in Rigel Pharmaceuticals by 400.0% in the 4th 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. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at about $62,000. Wexford Capital LP bought a new position in Rigel Pharmaceuticals during the third quarter worth about $66,000. Finally, CWM LLC increased its position in Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after buying an additional 1,226 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL traded down $1.21 during trading hours on Tuesday, reaching $42.55. The company had a trading volume of 461,106 shares, compared to its average volume of 387,855. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average of $32.76 and a two-hundred day moving average of $33.46. Rigel Pharmaceuticals has a one year low of $18.63 and a one year high of $52.24. The firm has a market capitalization of $787.17 million, a PE ratio of 2.27 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The firm had revenue of $58.82 million for the quarter, compared to analyst estimates of $62.40 million. Analysts forecast that Rigel Pharmaceuticals will post 3.51 earnings per share for the current year.

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).