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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been assigned a consensus recommendation of “Hold” from the six brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $54.50.

Several brokerages have recently weighed in on RIGL. 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. Wall Street Zen lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Zacks Research cut shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Finally, Citigroup restated a “buy” rating and issued a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the sale, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. This trade represents a 19.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIGL. IFP Advisors Inc raised its position in shares of Rigel Pharmaceuticals by 21.8% in the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock valued at $97,000 after acquiring an additional 405 shares during the period. Y Intercept Hong Kong Ltd increased its stake in 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 in the last quarter. Rhumbline Advisers increased its stake in Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares in the last quarter. Range Financial Group LLC raised its holdings in Rigel Pharmaceuticals by 1.2% in the fourth quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock worth $1,968,000 after purchasing an additional 561 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Rigel Pharmaceuticals by 4.0% during the fourth quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock worth $628,000 after purchasing an additional 570 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Up 2.4%

Shares of RIGL traded up $0.95 during mid-day trading on Tuesday, hitting $41.21. 212,966 shares of the company’s stock were exchanged, compared to its average volume of 383,342. The stock has a market cap of $762.44 million, a price-to-earnings ratio of 2.20 and a beta of 1.14. The firm has a fifty day moving average of $31.74 and a two-hundred day moving average of $33.37. Rigel Pharmaceuticals has a twelve month low of $18.24 and a twelve month high of $52.24. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. On average, sell-side analysts forecast that Rigel Pharmaceuticals will post 3.51 earnings per share for the current year.

Rigel Pharmaceuticals Company Profile

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).