Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.66 and traded as high as $35.94. Rigel Pharmaceuticals shares last traded at $35.16, with a volume of 340,666 shares changing hands.

Analysts Set New Price Targets

RIGL has been the topic of a number of recent research reports. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Thursday, January 22nd. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Finally, Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals has an average rating of “Hold” and a consensus target price of $43.20.

Rigel Pharmaceuticals Trading Down 0.3%

The firm has a 50-day moving average of $42.55 and a 200 day moving average of $35.66. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $638.15 million, a price-to-earnings ratio of 5.70 and a beta of 1.11.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.53. The company had revenue of $69.46 million during 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%. As a group, equities analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its holdings in shares of Rigel Pharmaceuticals by 63.0% in the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock valued at $17,036,000 after acquiring an additional 232,383 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in Rigel Pharmaceuticals by 110.6% in the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock worth $10,226,000 after purchasing an additional 189,542 shares during the period. Two Sigma Investments LP boosted its stake in Rigel Pharmaceuticals by 474.6% during the 3rd quarter. Two Sigma Investments LP now owns 220,298 shares of the biotechnology company’s stock valued at $6,241,000 after purchasing an additional 181,956 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Rigel Pharmaceuticals by 747.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 186,326 shares of the biotechnology company’s stock valued at $5,279,000 after purchasing an additional 164,343 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth $4,310,000. 66.23% of the stock is currently owned by 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).