Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) PT at $36.40

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have been assigned an average recommendation of "Hold" from the five research firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective 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 boosted their target price on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Wall Street Zen downgraded Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. Citigroup upped their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 6th. HC Wainwright reaffirmed a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Finally, B. Riley upped their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, March 5th.

Rigel Pharmaceuticals Trading Up 2.1%

Shares of RIGL traded up $0.43 during trading hours on Monday, reaching $20.97. 159,778 shares of the company's stock traded hands, compared to its average volume of 219,039. The stock has a market cap of $374.78 million, a PE ratio of 149.80 and a beta of 1.34. The firm's 50 day simple moving average is $18.52 and its 200-day simple moving average is $19.95. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Armistice Capital LLC increased its position in Rigel Pharmaceuticals by 31.6% in the first quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company's stock worth $27,273,000 after buying an additional 364,000 shares in the last quarter. Soleus Capital Management L.P. increased its position in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock worth $19,018,000 after buying an additional 195,891 shares in the last quarter. Vanguard Group Inc. increased its position in Rigel Pharmaceuticals by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company's stock worth $18,495,000 after buying an additional 15,141 shares in the last quarter. Acadian Asset Management LLC increased its position in Rigel Pharmaceuticals by 50.1% in the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company's stock worth $10,161,000 after buying an additional 188,679 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Rigel Pharmaceuticals by 27.3% in the first quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock worth $9,405,000 after buying an additional 112,003 shares in the last quarter. 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.