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

StockNews.com lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

Other analysts have also issued reports about the company. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. B. Riley lifted their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday. Citigroup lifted their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday. Finally, Piper Sandler lifted their price target 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.80.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $20.52 on Friday. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The firm has a market cap of $361.46 million, a price-to-earnings ratio of 146.58 and a beta of 1.35. The stock’s 50-day simple moving average is $20.22 and its 200-day simple moving average is $18.52.

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

Insider Buying and Selling

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 53,500 shares in the company, valued at $1,119,220. The trade was a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the transaction, the chief executive officer now owns 243,854 shares of the company’s stock, valued at approximately $5,101,425.68. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake in Rigel Pharmaceuticals by 6.3% in the fourth quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company’s stock valued at $423,000 after acquiring an additional 1,485 shares during the period. Northern Trust Corp boosted its stake in Rigel Pharmaceuticals by 1.1% in the fourth quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company’s stock valued at $2,453,000 after acquiring an additional 1,588 shares during the period. MetLife Investment Management LLC boosted its stake in Rigel Pharmaceuticals by 19.7% in the fourth quarter. MetLife Investment Management LLC now owns 12,258 shares of the biotechnology company’s stock valued at $206,000 after acquiring an additional 2,014 shares during the period. Geode Capital Management LLC boosted its position in shares of Rigel Pharmaceuticals by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock worth $6,764,000 after buying an additional 2,388 shares during the period. Finally, State Street Corp boosted its position 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 period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.