Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Recommendation of "Hold" by Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have been assigned an average rating of "Hold" from the five ratings firms that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $36.80.

RIGL has been the topic of several analyst reports. HC Wainwright reiterated a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals 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 research note on Saturday, March 8th. B. Riley raised their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Finally, Citigroup increased their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 6th.

Rigel Pharmaceuticals Stock Up 2.2 %

Shares of RIGL stock traded up $0.36 on Friday, hitting $16.85. The stock had a trading volume of 103,445 shares, compared to its average volume of 209,712. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The business has a 50 day moving average price of $19.45 and a 200 day moving average price of $19.44. The company has a market cap of $300.99 million, a PE ratio of 120.37 and a beta of 1.32.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.50. The company had revenue of $57.60 million for the quarter, compared to analyst estimates of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Equities research analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Activity

In related news, EVP David A. Santos sold 2,125 shares of the firm's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the transaction, the executive vice president now owns 53,500 shares of the company's stock, valued at $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,113 shares of company stock valued at $190,644. Company insiders own 9.04% of the company's stock.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RIGL. FMR LLC increased its holdings in shares of Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company's stock valued at $778,000 after purchasing an additional 26,184 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company's stock worth $340,000 after purchasing an additional 19,391 shares during the period. State Street Corp lifted its position in shares of Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock valued at $5,951,000 after buying an additional 2,552 shares in the last quarter. Barclays PLC lifted its holdings in Rigel Pharmaceuticals by 158.6% during the third 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 in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Rigel Pharmaceuticals by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company's stock worth $6,468,000 after buying an additional 8,881 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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.