Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Rating of “Hold” from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average recommendation of “Hold” from the five research firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $36.40.

A number of research firms have commented on RIGL. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Wall Street Zen lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. Citigroup increased their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Finally, B. Riley raised their target price on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 5th.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $19.30 on Monday. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The company has a market cap of $344.93 million, a price-to-earnings ratio of 137.87 and a beta of 1.34. The stock has a fifty day moving average price of $18.35 and a 200-day moving average price of $19.98.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.49. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The business had revenue of $53.33 million during the quarter, compared to analysts’ expectations of $43.87 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. Research analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Virtus Advisers LLC purchased a new stake in Rigel Pharmaceuticals during the first quarter valued at about $40,000. China Universal Asset Management Co. Ltd. bought a new stake in Rigel Pharmaceuticals during the 4th quarter valued at approximately $63,000. US Bancorp DE boosted its position in Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company’s stock valued at $92,000 after acquiring an additional 1,868 shares in the last quarter. New York State Common Retirement Fund boosted its position in Rigel Pharmaceuticals by 65.9% during the 1st quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company’s stock valued at $100,000 after acquiring an additional 2,200 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock valued at $145,000 after acquiring an additional 2,648 shares in the last quarter. Institutional investors 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.