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

Key Points

• Rigel Pharmaceuticals, Inc. has a consensus recommendation of "Hold" from five research firms, with three hold ratings and two buy ratings, while the average 12-month price target is $38.20.
• Cantor Fitzgerald raised their price target for Rigel Pharmaceuticals from $23.00 to $32.00, maintaining a "neutral" rating.
• The company reported a net margin of 36.51% and a revenue of $101.69 million for the recent quarter, significantly exceeding analysts' expectations.

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have been given a consensus recommendation of "Hold" by the five research firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $38.20.

Separately, Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL opened at $39.51 on Friday. The company has a 50-day simple moving average of $22.16 and a 200-day simple moving average of $20.50. Rigel Pharmaceuticals has a one year low of $11.95 and a one year high of $39.68. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. The stock has a market capitalization of $708.81 million, a price-to-earnings ratio of 7.30 and a beta of 1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, beating analysts' consensus estimates of $1.97 by $1.31. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The business had revenue of $101.69 million during the quarter, compared to analysts' expectations of $64.58 million. On average, analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RIGL. Virtus Advisers LLC acquired a new position in shares of Rigel Pharmaceuticals during the 1st quarter worth $40,000. RMG Wealth Management LLC acquired a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $41,000. Laurel Wealth Advisors LLC grew its position in shares of Rigel Pharmaceuticals by 1,773.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company's stock valued at $53,000 after purchasing an additional 2,660 shares during the last quarter. Legal & General Group Plc grew its position in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 2,442 shares during the last quarter. Finally, US Bancorp DE grew its position 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 during the last quarter. Institutional investors and hedge funds 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.

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