Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Rigel Pharmaceuticals has a “Moderate Buy” consensus rating from seven analysts, with four buys and three holds. The average 12-month price target is $59, while individual targets range up to $85.
• Shares opened at $46.75 after rising 3.6%, and the company recently reported quarterly EPS of $0.88 versus the $0.09 analyst consensus. Revenue also exceeded expectations, reaching $78.7 million compared with estimates of $55.27 million.
• Institutional investors own 66.23% of Rigel’s shares, with several hedge funds increasing or initiating positions. Company insiders own 10.47%; one director sold shares to cover tax obligations tied to vested equity awards.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven research firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $59.00.

A number of research analysts recently commented on the stock. Zacks Research raised shares of Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Weiss Ratings raised shares of Rigel Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Citigroup restated a "buy" rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Piper Sandler reiterated a "neutral" rating and set a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, HC Wainwright reissued a "buy" rating and issued a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th.

Rigel Pharmaceuticals Stock Up 3.6%

Shares of RIGL opened at $46.75 on Wednesday. The company has a market capitalization of $864.88 million, a price-to-earnings ratio of 2.86 and a beta of 1.16. Rigel Pharmaceuticals has a 52-week low of $24.95 and a 52-week high of $52.24. The stock has a 50 day moving average price of $39.91 and a 200 day moving average price of $33.63.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.79. The company had revenue of $78.70 million for the quarter, compared to analysts' expectations of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. On average, equities analysts anticipate that Rigel Pharmaceuticals will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the transaction, the director owned 10,125 shares of the company's stock, valued at $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Empowered Funds LLC purchased a new stake in shares of Rigel Pharmaceuticals during the first quarter worth approximately $2,234,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth $2,364,000. Dimensional Fund Advisors LP grew its position in Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company's stock valued at $10,259,000 after buying an additional 102,729 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Rigel Pharmaceuticals in the 4th quarter valued at $2,249,000. Finally, Janus Henderson Group PLC increased its stake in Rigel Pharmaceuticals by 275.2% in the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company's stock valued at $3,674,000 after buying an additional 99,659 shares during the period. 66.23% of the stock is currently owned by hedge funds and other 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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