Rigel Pharmaceuticals (NASDAQ:RIGL) Given “Buy” Rating at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They presently have a $85.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 82.00% from the company’s current price.

Other equities analysts have also issued reports about the stock. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Finally, Piper Sandler reissued a “neutral” rating and issued a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $59.00.

Rigel Pharmaceuticals Stock Up 1.6%

NASDAQ:RIGL traded up $0.73 during trading hours on Monday, reaching $46.70. The company had a trading volume of 12,613 shares, compared to its average volume of 347,138. The firm has a market capitalization of $864.02 million, a PE ratio of 2.86 and a beta of 1.19. The stock has a 50-day moving average of $46.52 and a two-hundred day moving average of $38.07. Rigel Pharmaceuticals has a one year low of $24.95 and a one year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The company had revenue of $78.70 million during the quarter, compared to analyst estimates of $55.27 million. As a group, sell-side analysts expect that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RIGL. Jupiter Topco LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at approximately $3,450,000. Empowered Funds LLC acquired a new position in shares of Rigel Pharmaceuticals during the 1st quarter valued at $2,234,000. Bank of New York Mellon Corp bought a new position in Rigel Pharmaceuticals during the second quarter worth $4,233,000. Man Group plc bought a new position in Rigel Pharmaceuticals during the second quarter worth $814,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Rigel Pharmaceuticals by 37.1% during the first quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after acquiring an additional 102,729 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile

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.