Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Rating Reaffirmed as Buy by HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued on Monday, Benzinga reports. They presently have a $85.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 81.93% from the company’s current price.

A number of other brokerages have also recently issued reports on RIGL. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Zacks Research cut shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Piper Sandler restated 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. Finally, Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $59.00.

Rigel Pharmaceuticals Stock Performance

RIGL traded up $0.75 during midday trading on Monday, reaching $46.72. 318,413 shares of the company were exchanged, compared to its average volume of 348,677. Rigel Pharmaceuticals has a one year low of $24.95 and a one year high of $52.24. The stock has a market capitalization of $864.32 million, a P/E ratio of 2.86 and a beta of 1.19. The stock’s 50-day simple moving average is $46.52 and its 200 day simple moving average is $38.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.28 million. On average, research analysts anticipate that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Rigel Pharmaceuticals in the second quarter valued at approximately $75,886,000. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals in the third quarter valued at approximately $25,793,000. Dimensional Fund Advisors LP lifted its stake in Rigel Pharmaceuticals by 37.1% in the first quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after buying an additional 102,729 shares in the last quarter. Bank of America Corp DE bought a new position in Rigel Pharmaceuticals in the second quarter valued at approximately $4,832,000. Finally, Globeflex Capital L P bought a new position in Rigel Pharmaceuticals in the second quarter valued at approximately $4,408,000. Institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel’s marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.