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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus recommendation of “Hold” by the six analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $54.50.

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

Insider Activity

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $29.17, for a total value of $72,925.00. Following the completion of the transaction, the director owned 12,625 shares of the company’s stock, valued at approximately $368,271.25. This represents a 16.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. AlphaQuest LLC grew its stake in shares of Rigel Pharmaceuticals by 234.8% in the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after buying an additional 775 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of 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 worth $55,000 after buying an additional 1,020 shares during the last quarter. IFP Advisors Inc purchased a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $55,000. CWM LLC grew its stake in shares of Rigel Pharmaceuticals by 217.0% in the 4th 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. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $62,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 3.8%

RIGL opened at $32.08 on Friday. The business has a 50 day simple moving average of $29.66 and a two-hundred day simple moving average of $34.54. The firm has a market capitalization of $593.48 million, a price-to-earnings ratio of 1.71 and a beta of 1.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. Rigel Pharmaceuticals has a one year low of $18.14 and a one year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The business had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. Analysts predict that Rigel Pharmaceuticals will post 3.76 EPS 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).