Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above 200-Day Moving Average – Time to Sell?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-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

A number of research analysts have weighed in on the stock. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their target price for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Thursday, January 22nd. Cantor Fitzgerald lifted their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $43.20.

Rigel Pharmaceuticals Stock Down 0.9%

The business’s 50 day moving average price is $42.33 and its 200-day moving average price is $35.77. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.14 and a current ratio of 2.28. The firm has a market capitalization of $632.74 million, a PE ratio of 5.65 and a beta of 1.11.

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

Institutional Trading of Rigel Pharmaceuticals

A number of large investors have recently modified their holdings of RIGL. Sigma Planning Corp purchased a new stake in Rigel Pharmaceuticals during the 4th quarter worth about $280,000. Ruffer LLP acquired a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth about $1,598,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $2,364,000. Round Rock Advisors LLC acquired a new stake in Rigel Pharmaceuticals in the fourth quarter valued at approximately $375,000. Finally, Moran Wealth Management LLC purchased a new position in Rigel Pharmaceuticals in the fourth quarter worth approximately $218,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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).