Rigel Pharmaceuticals (NASDAQ:RIGL) Lowered to Buy Rating by StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other research analysts also recently weighed in on the stock. Piper Sandler upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Citigroup upped their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday. Finally, B. Riley increased their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.80.

Rigel Pharmaceuticals Stock Up 4.2 %

Rigel Pharmaceuticals stock opened at $20.52 on Friday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The firm has a fifty day moving average of $20.22 and a 200-day moving average of $18.56. The firm has a market capitalization of $361.46 million, a P/E ratio of 146.58 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $57.59 million. On average, research analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Rigel Pharmaceuticals

In other news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the firm’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 $44,455.00. Following the completion of the transaction, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,113 shares of company stock worth $190,644 in the last ninety days. 9.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RIGL. China Universal Asset Management Co. Ltd. bought a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth about $63,000. Wells Fargo & Company MN lifted its position in shares of Rigel Pharmaceuticals by 44.5% in the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after buying an additional 2,648 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after buying an additional 2,827 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth about $170,000. Finally, Integrated Quantitative Investments LLC bought a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth about $181,000. 66.23% of the stock is currently owned by institutional investors.

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.