HC Wainwright Reaffirms “Buy” Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by HC Wainwright in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $85.00 price target on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 81.93% from the company’s previous close.

A number of other equities research analysts also recently commented on RIGL. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $59.00.

Rigel Pharmaceuticals Stock Up 1.6%

NASDAQ:RIGL traded up $0.75 on Monday, reaching $46.72. The company’s stock had a trading volume of 318,413 shares, compared to its average volume of 348,677. Rigel Pharmaceuticals has a 12-month low of $24.95 and a 12-month high of $52.24. The firm has a market cap of $864.32 million, a price-to-earnings ratio of 2.86 and a beta of 1.19. The stock has a 50 day moving average price of $46.52 and a 200 day moving average price of $38.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS 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 the consensus estimate of $55.28 million. Equities research analysts expect that Rigel Pharmaceuticals will post 2.98 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd boosted its stake in shares of Rigel Pharmaceuticals by 1.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock valued at $779,000 after purchasing an additional 546 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock valued at $351,000 after purchasing an additional 576 shares during the period. SG Americas Securities LLC boosted its stake in shares of Rigel Pharmaceuticals by 7.2% in the first quarter. SG Americas Securities LLC now owns 13,687 shares of the biotechnology company’s stock valued at $370,000 after purchasing an additional 919 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $38,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Rigel Pharmaceuticals by 11.4% in the first quarter. Hsbc Holdings PLC now owns 13,861 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 1,417 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.