Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of “Hold” from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $54.50.

Several equities research analysts recently commented on the stock. HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Citigroup reiterated a “buy” rating and set a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Friday, July 17th. Finally, Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $36.81 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. Rigel Pharmaceuticals has a one year low of $20.28 and a one year high of $52.24. The firm has a market capitalization of $680.99 million, a PE ratio of 1.97 and a beta of 1.14. The firm has a 50-day moving average of $35.92 and a two-hundred day moving average of $33.00.

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

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the company’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 transaction, the director directly owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.47% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. boosted its position in Rigel Pharmaceuticals by 32.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 87,844 shares of the biotechnology company’s stock worth $3,436,000 after acquiring an additional 21,602 shares during the period. Pacer Advisors Inc. grew its stake in Rigel Pharmaceuticals by 74.6% during the 1st quarter. Pacer Advisors Inc. now owns 114,386 shares of the biotechnology company’s stock valued at $3,093,000 after acquiring an additional 48,882 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Rigel Pharmaceuticals by 23.2% in the 1st quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock valued at $3,897,000 after purchasing an additional 27,179 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Rigel Pharmaceuticals by 275.2% in the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock valued at $3,674,000 after purchasing an additional 99,659 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of Rigel Pharmaceuticals in the first quarter worth approximately $2,234,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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).