Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $36.80 Average PT from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average recommendation of “Hold” from the five brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $36.80.

RIGL has been the topic of a number of research reports. Cantor Fitzgerald increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. StockNews.com lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 8th. Citigroup raised their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, B. Riley raised their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, March 5th.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL opened at $20.20 on Wednesday. The firm has a market capitalization of $360.83 million, a P/E ratio of 144.30 and a beta of 1.35. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The company’s fifty day moving average price is $20.91 and its 200-day moving average price is $18.98.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.50. The firm had revenue of $57.60 million for the quarter, compared to analyst estimates of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Equities analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Insider Activity

In other news, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares in the company, valued at $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 is available through this link. Also, CFO Dean L. Schorno sold 2,036 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the sale, the chief financial officer now owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock worth $190,644 over the last 90 days. 9.04% of the stock is currently owned by company insiders.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth about $676,000. Soleus Capital Management L.P. lifted its stake in shares of Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after buying an additional 195,891 shares in the last quarter. Squarepoint Ops LLC lifted its stake in shares of Rigel Pharmaceuticals by 40.1% in the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock worth $1,067,000 after buying an additional 18,159 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Rigel Pharmaceuticals by 63.0% in the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock worth $1,062,000 after buying an additional 24,400 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth about $1,025,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.