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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received an average rating of “Hold” from the five ratings firms that are currently covering the firm, 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 target price among brokers that have covered the stock in the last year is $36.80.

Several equities analysts recently commented on RIGL shares. StockNews.com downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 8th. B. Riley upped their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 5th. Citigroup increased their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th.

Rigel Pharmaceuticals Stock Down 1.0 %

Shares of NASDAQ RIGL opened at $17.04 on Friday. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82. The company has a market cap of $304.39 million, a PE ratio of 121.72 and a beta of 1.32. The business’s 50 day moving average price is $19.65 and its two-hundred day moving average price is $19.46.

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

Insider Activity at Rigel Pharmaceuticals

In related news, EVP David A. Santos sold 2,125 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the sale, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This represents a 3.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was 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 directly owns 58,969 shares of the company’s stock, valued at $1,233,631.48. The trade was a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock worth $190,644 in the last 90 days. Corporate insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RIGL. Soleus Capital Management L.P. lifted its position in shares of Rigel Pharmaceuticals by 21.0% during 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 acquiring an additional 195,891 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Rigel Pharmaceuticals by 111.1% in the fourth quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company’s stock valued at $5,041,000 after acquiring an additional 157,763 shares during the period. JPMorgan Chase & Co. grew its stake in Rigel Pharmaceuticals by 587.9% during the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company’s stock valued at $3,036,000 after acquiring an additional 154,254 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in Rigel Pharmaceuticals by 814.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company’s stock worth $2,861,000 after acquiring an additional 151,500 shares during the period. Finally, Norges Bank purchased a new stake in Rigel Pharmaceuticals in the 4th quarter worth approximately $2,178,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

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.