Rigel Pharmaceuticals' (RIGL) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated a “Buy” rating on Rigel Pharmaceuticals and set an $85 price target, implying approximately 82% upside from the stock’s reported $46.71 price.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two a Hold and one a Sell, resulting in a consensus “Hold” rating and average price target of $59.00.
• Rigel reported quarterly EPS of $0.88, well above the $0.09 consensus estimate, while revenue of $78.70 million also exceeded expectations; institutional investors own 66.23% of the company.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report)'s stock had its "buy" rating reiterated by HC Wainwright in a report issued on Monday, Benzinga reports. They presently have a $85.00 target price on the biotechnology company's stock. HC Wainwright's target price points to a potential upside of 81.97% from the company's current price.

Other research analysts have also recently issued reports about the company. Weiss Ratings upgraded Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Zacks Research downgraded Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 14th. Piper Sandler reaffirmed a "neutral" rating and issued a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Finally, Citigroup reiterated a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of "Hold" and an average price target of $59.00.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock traded up $0.74 during trading hours on Monday, reaching $46.71. The company had a trading volume of 27,426 shares, compared to its average volume of 347,158. Rigel Pharmaceuticals has a 12-month low of $24.95 and a 12-month high of $52.24. The company has a market capitalization of $864.14 million, a price-to-earnings ratio of 2.86 and a beta of 1.19. The stock has a fifty day moving average of $46.52 and a 200-day moving average of $38.07.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. The firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.28 million. On average, analysts forecast that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at about $25,793,000. State of Alaska Department of Revenue acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $275,000. Venture Visionary Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $296,000. Juncture Wealth Strategies LLC purchased a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $220,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $38,000. 66.23% of the stock is owned by institutional investors and hedge funds.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel's marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.