Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Rigel Pharmaceuticals from “strong sell” to “hold.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $66.75.
• Other firms’ ratings were mixed: Cantor Fitzgerald and Piper Sandler maintained neutral/hold views, while HC Wainwright and Citigroup rated shares “buy.” Their price targets ranged from $47 to $86.
• Shares fell 2.7% to $44.46 in Thursday trading. Rigel reported quarterly EPS of $0.65, below the $0.92 consensus estimate, while revenue of $80.89 million slightly topped forecasts.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other research firms have also recently commented on RIGL. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $43.00 to $47.00 and gave the stock a "neutral" rating in a research report on Friday, November 6th. HC Wainwright reissued a "buy" rating and issued a $85.00 target price on shares of Rigel Pharmaceuticals in a research report on Monday, October 19th. Weiss Ratings downgraded Rigel Pharmaceuticals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, November 9th. Piper Sandler restated a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Finally, Citigroup lifted their price target on Rigel Pharmaceuticals from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Monday, November 9th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Rigel Pharmaceuticals Trading Down 2.7%

Shares of NASDAQ RIGL traded down $1.23 during mid-day trading on Thursday, reaching $44.46. The company had a trading volume of 151,588 shares, compared to its average volume of 261,596. The firm has a 50 day simple moving average of $47.44 and a two-hundred day simple moving average of $37.64. The stock has a market cap of $837.18 million, a P/E ratio of 2.87 and a beta of 1.28. Rigel Pharmaceuticals has a 52-week low of $24.95 and a 52-week high of $52.60.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The biotechnology company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.27). Rigel Pharmaceuticals had a return on equity of 14.89% and a net margin of 106.59%. The company had revenue of $80.89 million for the quarter, compared to analyst estimates of $80.00 million. On average, equities analysts expect that Rigel Pharmaceuticals will post 2.97 EPS for the current year.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. China Universal Asset Management Co. Ltd. grew its stake in Rigel Pharmaceuticals by 15.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,408 shares of the biotechnology company's stock valued at $167,000 after acquiring an additional 463 shares during the last quarter. Allworth Financial LP increased its holdings in Rigel Pharmaceuticals by 103.7% during the 3rd quarter. Allworth Financial LP now owns 982 shares of the biotechnology company's stock valued at $47,000 after acquiring an additional 500 shares in the last quarter. Signaturefd LLC raised its position in Rigel Pharmaceuticals by 180.0% during the third quarter. Signaturefd LLC now owns 826 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 531 shares during the last quarter. Signature Equity Partners LLC acquired a new position in Rigel Pharmaceuticals during the third quarter worth about $27,000. Finally, Quantinno Capital Management LP raised its position in Rigel Pharmaceuticals by 4.6% during the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company's stock worth $351,000 after acquiring an additional 576 shares during the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc. is a biotechnology company that discovers, develops and commercializes medicines for people with serious hematologic disorders and cancers. Founded in 1996 and based in South San Francisco, California, the company has focused on treatments that target biological pathways involved in disease. Rigel's marketed products include Tavalisse (fostamatinib), an oral treatment for adults with chronic immune thrombocytopenia who have had an insufficient response to prior treatment, and Rezlidhia (olutasidenib), an oral therapy for certain adults with relapsed or refractory acute myeloid leukemia containing an IDH1 mutation.

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