Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Rating Upgraded by Zacks Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Cantor Fitzgerald lifted 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. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $42.00 in a research report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.20.

Rigel Pharmaceuticals Trading Up 5.1%

Shares of NASDAQ:RIGL opened at $43.28 on Monday. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $785.53 million, a PE ratio of 7.01 and a beta of 1.11. Rigel Pharmaceuticals has a 1 year low of $15.50 and a 1 year high of $52.24. The firm has a fifty day moving average price of $42.03 and a 200 day moving average price of $33.54.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. The company had revenue of $69.46 million during the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a return on equity of 204.70% and a net margin of 40.17%. Analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AlphaQuest LLC raised its position in shares of Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares during the last quarter. IFP Advisors Inc acquired a new stake in Rigel Pharmaceuticals during the third quarter worth about $55,000. Caitong International Asset Management Co. Ltd bought a new position in Rigel Pharmaceuticals during the third quarter valued at about $62,000. RMG Wealth Management LLC acquired a new position in Rigel Pharmaceuticals in the 2nd quarter valued at approximately $41,000. Finally, Wexford Capital LP acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at approximately $66,000. 66.23% of the stock is currently 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).