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

Key Points

• Analysts collectively rate Rigel Pharmaceuticals “Moderate Buy.” Four of seven analysts recommend buying the stock, while three rate it a hold; the average 12-month price target is $59.
• Recent analyst actions were generally positive, including HC Wainwright raising its price target to $85 and Piper Sandler increasing its target to $49 while maintaining a neutral rating.
• Rigel reported quarterly EPS of $0.88, well above the $0.09 consensus estimate, and revenue of $78.7 million versus expectations of $55.27 million. The stock recently traded at $46.64, up 1.7%.

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have received a consensus rating of "Moderate Buy" from the seven analysts that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $59.00.

RIGL has been the subject of several recent analyst reports. Zacks Research raised Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Piper Sandler reissued a "neutral" rating and set a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 9th. Citigroup reaffirmed a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Finally, HC Wainwright reiterated a "buy" rating and issued a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th.

Insiders Place Their Bets

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total value of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares in the company, valued at $354,375. The trade was a 19.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 insiders.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Rigel Pharmaceuticals in the second quarter worth $75,886,000. Armistice Capital LLC boosted its position in shares of Rigel Pharmaceuticals by 15.5% during the fourth quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company's stock valued at $35,806,000 after buying an additional 112,000 shares during the last quarter. LSV Asset Management boosted its position in shares of Rigel Pharmaceuticals by 390.8% during the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company's stock valued at $23,312,000 after buying an additional 433,382 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 worth $10,259,000 after buying an additional 102,729 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Rigel Pharmaceuticals in the 2nd quarter worth about $4,832,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Up 1.7%

Rigel Pharmaceuticals stock opened at $46.64 on Friday. The company has a market capitalization of $862.84 million, a P/E ratio of 2.86 and a beta of 1.20. The stock's 50 day moving average is $43.03 and its 200 day moving average is $35.16. Rigel Pharmaceuticals has a twelve month low of $24.95 and a twelve month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, beating 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 business had revenue of $78.70 million during the quarter, compared to analysts' expectations of $55.27 million. As a group, equities analysts expect that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

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

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