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

Key Points

• Analysts maintain a “Hold” consensus on Rigel Pharmaceuticals, with three buys, two holds and one sell among six analysts. The average 12-month price target is $54.50, with targets ranging from $57 to $81 among recent bullish reports.
• Rigel’s shares opened at $36.81, down 3.3%, while the company’s latest quarterly results missed expectations: adjusted EPS was $0.44 versus an $0.80 consensus, and revenue was $58.82 million versus $62.40 million expected.
• Institutional investors own 66.23% of the stock, and several firms recently increased their positions. Director Kamil Ali-Jackson sold 2,500 shares for $87,500 to cover tax withholding obligations, reducing her ownership by 19.8%.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has been given an average recommendation of "Hold" by the six analysts that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $54.50.

A number of research firms recently issued reports on RIGL. HC Wainwright reaffirmed a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Citigroup reissued a "buy" rating and issued a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Weiss Ratings restated a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a research report on Friday, July 17th. Finally, Zacks Research cut shares of Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 7th.

Insiders Place Their Bets

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the sale, the director directly owned 10,125 shares in the company, valued at approximately $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIGL. Northwestern Mutual Wealth Management Co. lifted its position in shares of Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company's stock valued at $55,000 after acquiring an additional 1,020 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth $62,000. Wexford Capital LP acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth $66,000. CWM LLC raised its position in shares of Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company's stock worth $77,000 after purchasing an additional 1,226 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 2,442 shares during the period. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Down 3.3%

Shares of RIGL stock opened at $36.81 on Friday. Rigel Pharmaceuticals has a 1 year low of $20.28 and a 1 year high of $52.24. The stock has a market cap of $680.99 million, a PE ratio of 1.97 and a beta of 1.14. The business's fifty day moving average is $35.92 and its 200-day moving average is $33.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.48 and a current ratio of 2.62.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.36). The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%. Equities analysts expect that Rigel Pharmaceuticals will post 3.51 earnings per share for the current fiscal year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel's lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).

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