Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Rating of "Hold" from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have earned an average rating of "Hold" from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $36.40.

A number of equities research analysts recently weighed in on RIGL shares. Citigroup lifted their target price on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. 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. StockNews.com lowered Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. B. Riley upped their price objective 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. Finally, Cantor Fitzgerald lifted their price target on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Wednesday.

Rigel Pharmaceuticals Trading Down 0.5 %

RIGL traded down $0.09 during midday trading on Thursday, reaching $18.81. The company's stock had a trading volume of 250,153 shares, compared to its average volume of 212,683. The company has a fifty day simple moving average of $18.57 and a 200 day simple moving average of $19.82. The stock has a market cap of $336.08 million, a P/E ratio of 134.37 and a beta of 1.34. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $43.87 million. During the same quarter last year, the company posted ($0.50) earnings per share. Sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Barclays PLC raised its stake in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock worth $442,000 after purchasing an additional 16,772 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigel Pharmaceuticals by 45.0% in 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 grew its position in Rigel Pharmaceuticals by 42.8% during 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. China Universal Asset Management Co. Ltd. bought a new position in Rigel Pharmaceuticals during the 4th quarter worth $63,000. Finally, Rhumbline Advisers raised its holdings in Rigel Pharmaceuticals by 6.3% in the 4th quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company's stock valued at $423,000 after acquiring an additional 1,485 shares in the last quarter. Institutional investors own 66.23% of the company's stock.

About Rigel Pharmaceuticals

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.