Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Breaks Above 200-Day Moving Average - Here's Why

Key Points

• Rigel Pharmaceuticals shares broke above their 200-day moving average, reaching $50.49 and last trading at $49.08 versus the $37.25 average.
• Analyst sentiment is generally positive: the stock has an overall “Moderate Buy” rating and an average price target of $59, including HC Wainwright’s raised target of $85.
• Rigel significantly exceeded quarterly expectations, reporting $0.88 in EPS versus a $0.09 consensus estimate and $78.7 million in revenue versus $55.27 million expected; institutional investors own 66.23% of the shares.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) shares crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $37.25 and traded as high as $50.49. Rigel Pharmaceuticals shares last traded at $49.08, with a volume of 279,362 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday. HC Wainwright reiterated a "buy" rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Piper Sandler reissued a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Zacks Research raised shares of Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. Finally, Citigroup reissued a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $59.00.

Rigel Pharmaceuticals Stock Performance

The stock has a market capitalization of $907.98 million, a P/E ratio of 3.01 and a beta of 1.19. The stock has a 50-day moving average price of $45.72 and a two-hundred day moving average price of $37.25.

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

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Rigel Pharmaceuticals during the second quarter valued at about $75,886,000. Armistice Capital LLC lifted its holdings in Rigel Pharmaceuticals by 15.5% in the fourth quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company's stock worth $35,806,000 after buying an additional 112,000 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Rigel Pharmaceuticals by 37.1% in the first 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 during the period. Bank of America Corp DE bought a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at approximately $4,832,000. Finally, Globeflex Capital L P bought a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at approximately $4,408,000. 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 small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel's marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.

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