Brokerages 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 recommendation of "Hold" from the five research firms that are currently covering the firm, Marketbeat 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 twelve-month price objective among brokers that have issued a report on the stock in the last year is $36.40.

Separately, Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL traded down $0.26 during trading on Tuesday, hitting $20.17. The company had a trading volume of 164,007 shares, compared to its average volume of 198,017. The company has a market cap of $360.48 million, a P/E ratio of 9.74 and a beta of 1.26. Rigel Pharmaceuticals has a 52 week low of $8.61 and a 52 week high of $29.82. The business's 50-day moving average is $19.66 and its 200 day moving average is $19.57. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.13 and a current ratio of 2.20.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data 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 18.31% and a negative return on equity of 655.26%. The firm had revenue of $53.33 million for the quarter, compared to analysts' expectations of $43.87 million. During the same period in the previous year, the company posted ($0.50) EPS. Equities research analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $288,000. Two Sigma Investments LP bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $1,025,000. Deutsche Bank AG lifted its position in Rigel Pharmaceuticals by 100.5% in the 4th quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock valued at $231,000 after acquiring an additional 6,890 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Rigel Pharmaceuticals by 587.9% in the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock valued at $3,036,000 after acquiring an additional 154,254 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $588,000. 66.23% of the stock is owned by institutional investors.

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.