Citigroup Issues Positive Forecast for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective hoisted by stock analysts at Citigroup from $49.00 to $55.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price target indicates a potential upside of 168.03% from the company’s current price.

RIGL has been the topic of a number of other reports. StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. B. Riley increased their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Piper Sandler increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.80.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $20.52 on Thursday. The firm has a 50-day moving average of $20.14 and a 200-day moving average of $18.43. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The company has a market cap of $361.46 million, a price-to-earnings ratio of 146.58 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. The company had revenue of $57.60 million for the quarter, compared to analysts’ expectations of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. As a group, sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Insider Transactions at Rigel Pharmaceuticals

In other news, EVP David A. Santos sold 2,125 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the transaction, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now owns 58,969 shares in the company, valued at $1,233,631.48. This represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,113 shares of company stock valued at $190,644. 9.04% of the stock is currently owned by company insiders.

Institutional Trading of Rigel Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in shares of Rigel Pharmaceuticals by 6.3% during the 4th quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company’s stock worth $423,000 after acquiring an additional 1,485 shares in the last quarter. Northern Trust Corp boosted its position in shares of Rigel Pharmaceuticals by 1.1% during the 4th quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company’s stock worth $2,453,000 after acquiring an additional 1,588 shares in the last quarter. MetLife Investment Management LLC boosted its position in Rigel Pharmaceuticals by 19.7% in the fourth quarter. MetLife Investment Management LLC now owns 12,258 shares of the biotechnology company’s stock valued at $206,000 after buying an additional 2,014 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock worth $6,764,000 after buying an additional 2,388 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Rigel Pharmaceuticals by 0.7% during the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after buying an additional 2,552 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.