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

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a report released on Monday, Benzinga reports. They presently have a $85.00 target price on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 82.48% from the stock’s current price.

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

Rigel Pharmaceuticals Stock Up 1.3%

Shares of NASDAQ RIGL traded up $0.61 during trading on Monday, reaching $46.58. The company had a trading volume of 12,781 shares, compared to its average volume of 347,138. Rigel Pharmaceuticals has a 12-month low of $24.95 and a 12-month high of $52.24. The stock has a market cap of $861.75 million, a PE ratio of 2.86 and a beta of 1.19. The business’s 50-day moving average is $46.52 and its 200 day moving average is $38.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 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, analysts anticipate that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIGL. BlackRock Inc. bought a new position in shares of Rigel Pharmaceuticals during the second quarter valued at $75,886,000. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals in the third quarter valued at about $25,793,000. Bank of America Corp DE bought a new position in Rigel Pharmaceuticals in the second quarter valued at about $4,832,000. Globeflex Capital L P bought a new position in Rigel Pharmaceuticals in the second quarter valued at about $4,408,000. Finally, Bank of New York Mellon Corp bought a new position in Rigel Pharmaceuticals in the second quarter valued at about $4,233,000. 66.23% of the stock is owned by institutional investors.

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.