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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $43.20.

Several analysts have recently weighed in on RIGL shares. Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their price objective for the company from $23.00 to $42.00 in a report on Wednesday, November 5th. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, January 22nd. Finally, Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th.

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $36.36, for a total transaction of $145,440.00. Following the completion of the sale, the director owned 12,722 shares in the company, valued at $462,571.92. This trade represents a 23.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in Rigel Pharmaceuticals by 24.1% in the fourth quarter. Invesco Ltd. now owns 34,921 shares of the biotechnology company’s stock valued at $1,496,000 after buying an additional 6,790 shares during the period. VARCOV Co. bought a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at about $238,000. Verdad Advisers LP acquired a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at approximately $372,000. Virtus Investment Advisers LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at approximately $279,000. Finally, Quadrature Capital Ltd bought a new position in Rigel Pharmaceuticals during the 4th quarter worth approximately $506,000. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $33.02 on Wednesday. The firm has a market capitalization of $599.31 million, a price-to-earnings ratio of 5.35 and a beta of 1.10. Rigel Pharmaceuticals has a one year low of $15.50 and a one year high of $52.24. The business has a fifty day simple moving average of $37.76 and a 200 day simple moving average of $37.43. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25.

About Rigel Pharmaceuticals

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).