Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $86.00

Key Points

• Citigroup raised its price target on Rigel Pharmaceuticals to $86 from $83 and maintained a Buy rating, implying about 109% upside from the stock’s then-current price.
• Analyst views remain mixed: MarketBeat’s consensus rating was Hold, with a $66.75 average target; targets ranged from $47 at Cantor Fitzgerald to $85 at HC Wainwright.
• Rigel shares rose 3.8% to $41.15 on Monday. Its latest quarterly earnings missed estimates at $0.65 per share versus $0.92 expected, while revenue of $80.89 million topped forecasts.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) had its target price hoisted by analysts at Citigroup from $83.00 to $86.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Citigroup's target price would suggest a potential upside of 109.01% from the company's current price.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald upped their price target on Rigel Pharmaceuticals from $43.00 to $47.00 and gave the company a "neutral" rating in a research note on Friday. Piper Sandler reaffirmed a "neutral" rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. HC Wainwright reiterated a "buy" rating and set a $85.00 price target on shares of Rigel Pharmaceuticals in a research report on Monday, October 19th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Finally, Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of "Hold" and a consensus target price of $66.75.

Rigel Pharmaceuticals Stock Up 3.8%

RIGL traded up $1.50 during trading on Monday, hitting $41.15. The company's stock had a trading volume of 126,971 shares, compared to its average volume of 342,337. The stock has a market capitalization of $761.20 million, a price-to-earnings ratio of 2.66 and a beta of 1.28. The firm's 50 day moving average price is $47.79 and its two-hundred day moving average price is $37.47. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.60.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its earnings results on Thursday, November 5th. The biotechnology company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.27). The business had revenue of $80.89 million during the quarter, compared to analyst estimates of $80.10 million. Rigel Pharmaceuticals had a net margin of 106.59% and a return on equity of 15.25%. On average, sell-side analysts forecast that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Allworth Financial LP raised its holdings in shares of Rigel Pharmaceuticals by 103.7% in the 3rd quarter. Allworth Financial LP now owns 982 shares of the biotechnology company's stock worth $47,000 after acquiring an additional 500 shares during the last quarter. Ritholtz Wealth Management raised its stake in shares of Rigel Pharmaceuticals by 13.9% in the third quarter. Ritholtz Wealth Management now owns 107,590 shares of the biotechnology company's stock worth $5,180,000 after purchasing an additional 13,140 shares during the last quarter. Knights of Columbus Asset Advisors LLC bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $1,465,000. Signature Equity Partners LLC bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $27,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $46,000. 66.23% of the stock is owned by institutional investors and hedge funds.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc NASDAQ: RIGL is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel's primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.

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