Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $36.40 Average Price Target from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has earned a consensus recommendation of "Hold" from the five ratings firms that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $36.40.

A number of research analysts have recently weighed in on RIGL shares. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. B. Riley increased 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. Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtus Advisers LLC bought a new position in Rigel Pharmaceuticals during the first quarter valued at approximately $40,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $63,000. US Bancorp DE grew its holdings in shares of Rigel Pharmaceuticals by 57.4% in the first quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock valued at $92,000 after purchasing an additional 1,868 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Rigel Pharmaceuticals by 65.9% in the first quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company's stock valued at $100,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Rigel Pharmaceuticals by 44.5% during the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company's stock valued at $145,000 after purchasing an additional 2,648 shares in the last quarter. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL traded up $0.09 during midday trading on Monday, hitting $20.48. 67,607 shares of the company's stock traded hands, compared to its average volume of 218,227. The firm has a fifty day moving average of $18.41 and a 200 day moving average of $19.96. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The stock has a market capitalization of $366.02 million, a price-to-earnings ratio of 146.30 and a beta of 1.34.

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

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.