Citigroup Lowers Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $69.00

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) had its price target cut by equities researchers at Citigroup from $71.00 to $69.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Citigroup's price target suggests a potential upside of 162.96% from the company's previous close.

Other equities research analysts have also issued reports about the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Zacks Research raised Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen downgraded Rigel Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.50.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL traded down $0.43 during trading hours on Thursday, reaching $26.24. 349,692 shares of the company's stock were exchanged, compared to its average volume of 373,059. The company has a quick ratio of 2.30, a current ratio of 2.42 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $484.92 million, a P/E ratio of 1.40 and a beta of 1.21. Rigel Pharmaceuticals has a 12 month low of $16.88 and a 12 month high of $52.24. The business's 50-day simple moving average is $29.24 and its two-hundred day simple moving average is $35.56.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.36). The company had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 60.34%. Sell-side analysts expect that Rigel Pharmaceuticals will post 4.25 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Walter H. Moos sold 4,000 shares of the business's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $36.36, for a total value of $145,440.00. Following the completion of the sale, the director directly owned 12,722 shares of the company's stock, valued at $462,571.92. The trade was a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently bought and sold shares of RIGL. AlphaQuest LLC raised its holdings in Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company's stock valued at $31,000 after buying an additional 775 shares in the last quarter. IFP Advisors Inc acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter worth about $55,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company's stock worth $55,000 after acquiring an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $62,000. Finally, Wexford Capital LP acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $66,000. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel's lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).

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