Rigel Pharmaceuticals (NASDAQ:RIGL) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.32 and traded as high as $41.59. Rigel Pharmaceuticals shares last traded at $41.18, with a volume of 224,187 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RIGL. Citigroup reissued a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.50.

Rigel Pharmaceuticals Trading Up 0.0%

The firm has a market capitalization of $761.91 million, a PE ratio of 2.20 and a beta of 1.14. The business has a 50 day moving average price of $33.56 and a 200-day moving average price of $33.32. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04.

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

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction on 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 sale, the director owned 10,125 shares of the company’s stock, valued at approximately $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its position in Rigel Pharmaceuticals by 21.8% during the fourth quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock worth $97,000 after acquiring an additional 405 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of Rigel Pharmaceuticals by 1.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock valued at $779,000 after purchasing an additional 546 shares during the last quarter. Rhumbline Advisers grew its position in shares of Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares during the last quarter. Range Financial Group LLC increased its stake in shares of Rigel Pharmaceuticals by 1.2% during the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock worth $1,968,000 after purchasing an additional 561 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Rigel Pharmaceuticals by 4.0% during the 4th quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock worth $628,000 after purchasing an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

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).