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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given an average rating of “Hold” by the five ratings firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $36.80.

Several analysts have commented on the stock. Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. HC Wainwright reissued a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Cantor Fitzgerald boosted their price objective 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. StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 8th. Finally, B. Riley boosted 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.

Insider Buying and Selling

In related news, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were 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 approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $44,455.00. Following the sale, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,113 shares of company stock valued at $190,644. Company insiders own 9.04% of the company’s stock.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RIGL. Soleus Capital Management L.P. boosted its position in Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after purchasing an additional 195,891 shares during the period. Renaissance Technologies LLC boosted its position in Rigel Pharmaceuticals by 111.1% during the 4th quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company’s stock worth $5,041,000 after purchasing an additional 157,763 shares during the period. JPMorgan Chase & Co. lifted its holdings in Rigel Pharmaceuticals by 587.9% in the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company’s stock worth $3,036,000 after buying an additional 154,254 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in Rigel Pharmaceuticals by 814.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company’s stock worth $2,861,000 after buying an additional 151,500 shares in the last quarter. Finally, Norges Bank acquired a new position in Rigel Pharmaceuticals in the 4th quarter worth $2,178,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $20.33 on Wednesday. The stock has a market capitalization of $363.15 million, a P/E ratio of 145.22 and a beta of 1.35. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The company has a 50 day moving average price of $20.66 and a two-hundred day moving average price of $18.91.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.30 by $0.50. The firm had revenue of $57.60 million during the quarter, compared to analysts’ expectations of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Research analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

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.