Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reaffirmed at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report released on Monday, Benzinga reports. They presently have a $85.00 target price on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 79.66% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Hold” and an average price target of $59.00.

Rigel Pharmaceuticals Stock Up 2.9%

Shares of Rigel Pharmaceuticals stock traded up $1.34 on Monday, hitting $47.31. The company’s stock had a trading volume of 51,118 shares, compared to its average volume of 347,324. Rigel Pharmaceuticals has a 52-week low of $24.95 and a 52-week high of $52.24. The firm has a fifty day moving average price of $46.52 and a 200-day moving average price of $38.07. The company has a market capitalization of $875.27 million, a P/E ratio of 2.90 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 EPS 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 business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.28 million. As a group, analysts expect that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $75,886,000. Assenagon Asset Management S.A. acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $25,793,000. Bank of America Corp DE acquired a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $4,832,000. Globeflex Capital L P acquired a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $4,408,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $4,233,000. Institutional investors and hedge funds 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.