Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $35.66 and traded as high as $35.94. Rigel Pharmaceuticals shares last traded at $35.16, with a volume of 340,666 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have commented on RIGL shares. Zacks Research cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Cantor Fitzgerald boosted their target price 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. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Wall Street Zen upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $43.20.

Rigel Pharmaceuticals Stock Performance

The firm’s 50-day moving average price is $42.55 and its two-hundred day moving average price is $35.66. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $638.15 million, a PE ratio of 5.70 and a beta of 1.11.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Armistice Capital LLC grew its holdings in shares of Rigel Pharmaceuticals by 5.5% during the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock valued at $29,968,000 after acquiring an additional 84,000 shares in the last quarter. Squarepoint Ops LLC boosted its position in Rigel Pharmaceuticals by 64.0% during the second quarter. Squarepoint Ops LLC now owns 36,215 shares of the biotechnology company’s stock valued at $678,000 after purchasing an additional 14,135 shares during the last quarter. Range Financial Group LLC acquired a new stake in Rigel Pharmaceuticals during the third quarter valued at $1,286,000. Inspire Investing LLC purchased a new position in Rigel Pharmaceuticals in the third quarter valued at about $859,000. Finally, Pacer Advisors Inc. acquired a new position in Rigel Pharmaceuticals in the 3rd quarter worth about $2,195,000. 66.23% of the stock is 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).