Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Consensus Recommendation of “Hold” by Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $54.50.

Several equities research analysts recently commented on RIGL shares. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Citigroup reiterated a “buy” rating and set a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $29.17, for a total transaction of $72,925.00. Following the sale, the director directly owned 12,625 shares in the company, valued at $368,271.25. This trade represents a 16.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its holdings in Rigel Pharmaceuticals by 23.2% during the 1st quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock worth $3,897,000 after purchasing an additional 27,179 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Rigel Pharmaceuticals by 275.2% during the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock worth $3,674,000 after purchasing an additional 99,659 shares during the last quarter. Empowered Funds LLC bought a new position in Rigel Pharmaceuticals during the 1st quarter worth approximately $2,234,000. Quantinno Capital Management LP raised its holdings in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock worth $351,000 after purchasing an additional 576 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Rigel Pharmaceuticals during the 1st quarter worth approximately $773,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Trading Down 2.9%

Shares of Rigel Pharmaceuticals stock opened at $32.46 on Friday. The firm has a market capitalization of $600.51 million, a PE ratio of 1.73 and a beta of 1.20. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $29.99 and its 200 day moving average is $34.17. Rigel Pharmaceuticals has a 1 year low of $18.14 and a 1 year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.36). The company had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. Equities research analysts forecast that Rigel Pharmaceuticals will post 3.76 earnings per share for the current fiscal year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).