Analysts Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Target Price at $36.40

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have earned an average rating of "Hold" from the five research firms that are covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $36.40.

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Citigroup increased their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. B. Riley lifted their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 5th. StockNews.com lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th.

Rigel Pharmaceuticals Trading Down 4.5%

Shares of RIGL traded down $0.84 during mid-day trading on Thursday, reaching $17.77. The company's stock had a trading volume of 48,068 shares, compared to its average volume of 212,061. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The stock has a market cap of $317.50 million, a PE ratio of 126.94 and a beta of 1.34. The company's fifty day moving average price is $18.53 and its two-hundred day moving average price is $19.89.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.49. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The business had revenue of $53.33 million during the quarter, compared to the consensus estimate of $43.87 million. During the same period in the previous year, the firm posted ($0.50) earnings per share. Research analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. Barclays PLC increased its position in Rigel Pharmaceuticals by 158.6% during the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock valued at $442,000 after purchasing an additional 16,772 shares during the period. JPMorgan Chase & Co. increased its position in shares of Rigel Pharmaceuticals by 45.0% during the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company's stock valued at $425,000 after buying an additional 8,140 shares during the period. SG Americas Securities LLC raised its stake in Rigel Pharmaceuticals by 42.8% in the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after buying an additional 2,827 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Rigel Pharmaceuticals by 15.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock worth $1,447,000 after buying an additional 11,499 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in Rigel Pharmaceuticals in the fourth quarter worth about $588,000. Hedge funds and other institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.