Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $43.20 Average Target Price from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received an average recommendation of “Hold” from the seven analysts that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $43.20.

Several research analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Zacks Research cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday.

Rigel Pharmaceuticals Stock Down 0.4%

Shares of Rigel Pharmaceuticals stock opened at $41.59 on Friday. The business has a fifty day simple moving average of $38.59 and a 200 day simple moving average of $31.62. The stock has a market cap of $754.90 million, a PE ratio of 6.74 and a beta of 1.11. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. Rigel Pharmaceuticals has a 12 month low of $14.63 and a 12 month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. The firm had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a return on equity of 204.70% and a net margin of 40.17%. Research analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RIGL. Armistice Capital LLC raised its holdings in Rigel Pharmaceuticals by 31.6% during the 1st quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock worth $27,273,000 after buying an additional 364,000 shares during the period. Marshall Wace LLP increased its position in shares of Rigel Pharmaceuticals by 63.0% during the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock worth $17,036,000 after acquiring an additional 232,383 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Rigel Pharmaceuticals by 110.6% during the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock worth $10,226,000 after acquiring an additional 189,542 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Rigel Pharmaceuticals by 50.1% during the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock worth $10,161,000 after acquiring an additional 188,679 shares during the period. Finally, Two Sigma Investments LP lifted its position in Rigel Pharmaceuticals by 474.6% in the 3rd quarter. Two Sigma Investments LP now owns 220,298 shares of the biotechnology company’s stock valued at $6,241,000 after acquiring an additional 181,956 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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).