Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Rating of “Moderate Buy” by Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $54.50.

Several analysts recently weighed in on RIGL shares. Zacks Research cut shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday. Finally, Weiss Ratings raised shares of Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday.

Rigel Pharmaceuticals Trading Up 2.4%

Shares of NASDAQ:RIGL opened at $40.17 on Friday. The company has a 50-day moving average price of $36.87 and a 200-day moving average price of $33.03. The company has a market cap of $743.14 million, a price-to-earnings ratio of 2.46 and a beta of 1.16. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The company had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.27 million. As a group, research analysts forecast that Rigel Pharmaceuticals will post 2.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director directly owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently made changes to their positions in RIGL. Northwestern Mutual Wealth Management Co. raised its holdings in Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Rigel Pharmaceuticals during the third quarter valued at $62,000. Wexford Capital LP bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $66,000. CWM LLC boosted its holdings in shares of Rigel Pharmaceuticals by 217.0% during the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 1,226 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after buying an additional 2,442 shares during the period. 66.23% of the stock is currently owned by institutional investors.

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).