Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Cross Above Two Hundred Day Moving Average – Should You Sell?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $37.25 and traded as high as $50.49. Rigel Pharmaceuticals shares last traded at $49.08, with a volume of 279,362 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIGL shares. HC Wainwright restated a “buy” rating and issued a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th. Piper Sandler reiterated a “neutral” rating and set a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Rigel Pharmaceuticals Price Performance

The firm has a market capitalization of $907.98 million, a price-to-earnings ratio of 3.01 and a beta of 1.19. The business’s 50 day moving average price is $45.72 and its 200-day moving average price is $37.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.79. The firm had revenue of $78.70 million during the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. As a group, analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in RIGL. Venture Visionary Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $296,000. Juncture Wealth Strategies LLC purchased a new position in Rigel Pharmaceuticals in the third quarter valued at about $220,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at approximately $38,000. Squarepoint Ops LLC lifted its position in shares of Rigel Pharmaceuticals by 137.1% during the 2nd quarter. Squarepoint Ops LLC now owns 66,658 shares of the biotechnology company’s stock valued at $2,608,000 after acquiring an additional 38,550 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of Rigel Pharmaceuticals by 34.0% during the 2nd quarter. Hsbc Holdings PLC now owns 18,577 shares of the biotechnology company’s stock worth $745,000 after acquiring an additional 4,716 shares in the last quarter. 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.