Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Wednesday,Benzinga reports. The brokerage currently has a $57.00 target price on the biotechnology company’s stock.

A number of other equities research analysts have also recently weighed in on the company. B. Riley lifted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Citigroup lifted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL opened at $22.17 on Wednesday. The company’s 50-day moving average is $20.58 and its two-hundred day moving average is $16.17. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The firm has a market capitalization of $390.41 million, a price-to-earnings ratio of 158.37 and a beta of 1.31.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.69. The business had revenue of $55.31 million during the quarter, compared to analysts’ expectations of $40.69 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. During the same period in the prior year, the business posted ($0.30) EPS. As a group, equities analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $7,148,000. Geode Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after purchasing an additional 8,881 shares during the period. State Street Corp grew its holdings 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. Stonepine Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 1.3% in the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.

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.