Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock Has Average Target Price of $59.00 According to Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received an average rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $59.00.

A number of equities analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Weiss Ratings upgraded Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. HC Wainwright reissued a “buy” rating and set a $85.00 price target on shares of Rigel Pharmaceuticals in a research report on Monday. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Finally, Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $46.72 on Thursday. The stock has a market cap of $864.32 million, a price-to-earnings ratio of 2.86 and a beta of 1.19. Rigel Pharmaceuticals has a one year low of $24.95 and a one year high of $52.24. The business’s 50-day simple moving average is $46.62 and its 200 day simple moving average is $38.20.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share 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 firm had revenue of $78.70 million during the quarter, compared to analyst estimates of $55.27 million. On average, equities research analysts predict that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth about $25,793,000. State of Alaska Department of Revenue acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $275,000. Venture Visionary Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $296,000. Juncture Wealth Strategies LLC bought a new position in shares of Rigel Pharmaceuticals during the third quarter worth about $220,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Rigel Pharmaceuticals during the second quarter worth about $38,000. 66.23% of the stock is owned by institutional investors and hedge funds.

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.