Rigel Pharmaceuticals (NASDAQ:RIGL) Reaches New 1-Year High - Time to Buy?

Key Points

• Rigel Pharmaceuticals reached a new 52-week high, trading as high as $52.61 and last changing hands near $51.86. Its 50-day and 200-day moving averages were $47.57 and $37.18, respectively.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two rate it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $59, though HC Wainwright set a higher $85 target.
• Rigel reported quarterly EPS of $0.88 versus the $0.09 consensus estimate and revenue of $78.70 million, beating expectations of $55.27 million. Institutional investors own 66.23% of the company, whose primary commercial product is the immune thrombocytopenia treatment Tavalisse.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) hit a new 52-week high during trading on Friday. The company traded as high as $52.61 and last traded at $51.8550, with a volume of 21,876 shares. The stock had previously closed at $51.45.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RIGL. HC Wainwright restated a "buy" rating and issued a $85.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Weiss Ratings raised Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Citigroup reiterated a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Piper Sandler reissued a "neutral" rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, Zacks Research cut Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $59.00.

Rigel Pharmaceuticals Stock Performance

The company has a market cap of $947.85 million, a price-to-earnings ratio of 3.15 and a beta of 1.19. The company's 50 day moving average price is $47.57 and its 200 day moving average price is $37.18.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results 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. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The business had revenue of $78.70 million during the quarter, compared to the consensus estimate of $55.27 million. As a group, analysts predict that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Signature Equity Partners LLC acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $27,000. Integrated Wealth Concepts LLC acquired a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at $38,000. Signaturefd LLC raised its stake in shares of Rigel Pharmaceuticals by 180.0% in the third quarter. Signaturefd LLC now owns 826 shares of the biotechnology company's stock worth $40,000 after purchasing an additional 531 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $46,000. Finally, Legal & General Group Plc purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at $162,000. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Company Profile

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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