Rigel Pharmaceuticals’ (RIGL) Buy Rating Reaffirmed at 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 to clients and investors on Monday, Benzinga reports. They presently 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.

Several other research analysts also recently weighed in on the stock. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a 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 analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $59.00.

Rigel Pharmaceuticals Stock Up 1.6%

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

Rigel Pharmaceuticals (NASDAQ:RIGL) last released 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 firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.28 million. On average, sell-side analysts forecast that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at about $38,000. Legal & General Group Plc purchased a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at about $162,000. Juncture Wealth Strategies LLC purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $220,000. State of Alaska Department of Revenue purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $275,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at about $228,000. Hedge funds and other 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.