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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned a consensus rating of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $59.00.

RIGL has been the subject of several recent analyst reports. Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings raised Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Piper Sandler reiterated a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. HC Wainwright reissued a “buy” rating and issued a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Finally, Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th.

Rigel Pharmaceuticals Stock Up 3.6%

NASDAQ RIGL opened at $46.75 on Wednesday. The stock has a market capitalization of $864.88 million, a P/E ratio of 2.86 and a beta of 1.16. Rigel Pharmaceuticals has a 52-week low of $24.95 and a 52-week high of $52.24. The firm has a 50-day moving average price of $39.91 and a 200 day moving average price of $33.63.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $55.27 million. On average, equities research analysts expect that Rigel Pharmaceuticals will post 2.98 earnings per share for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were 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 in the company, valued at $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 1,020 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $62,000. Wexford Capital LP purchased a new position in Rigel Pharmaceuticals in the 3rd quarter valued at approximately $66,000. CWM LLC raised its holdings in Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares during the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

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).