Rigel Pharmaceuticals (NASDAQ:RIGL) Share Price Passes Above 200-Day Moving Average - Should You Sell?

Key Points

• Rigel Pharmaceuticals’ stock moved above its 200-day moving average, trading as high as $41.59 and last changing hands at $41.18, which may signal improving momentum.
• Analyst sentiment is mixed: several firms still rate the stock a buy, but the consensus from MarketBeat is only “Hold” with a $54.50 price target, reflecting uncertainty despite some bullish targets.
• Recent fundamentals and insider activity were mixed, as the company missed quarterly EPS and revenue estimates, while a director sold shares to cover tax withholding obligations and institutional ownership remains high at 66.23%.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.32 and traded as high as $41.59. Rigel Pharmaceuticals shares last traded at $41.18, with a volume of 224,187 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RIGL. Citigroup reiterated a "buy" rating and issued a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. HC Wainwright restated a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Finally, Zacks Research lowered shares of Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of "Hold" and a consensus price target of $54.50.

Rigel Pharmaceuticals Price Performance

The stock has a fifty day simple moving average of $33.56 and a 200-day simple moving average of $33.32. The company has a market capitalization of $761.91 million, a PE ratio of 2.20 and a beta of 1.14. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released 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). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The business had revenue of $58.82 million during the quarter, compared to analysts' expectations of $62.40 million. Equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current year.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total value of $87,500.00. Following the transaction, the director directly owned 10,125 shares in the company, valued at $354,375. This represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new stake in Rigel Pharmaceuticals in the first quarter valued at $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 1,464 shares during the last quarter. Legal & General Group Plc increased its position in 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 buying an additional 2,442 shares during the period. Rhumbline Advisers increased its holdings in shares of Rigel Pharmaceuticals by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company's stock valued at $507,000 after acquiring an additional 555 shares during the period. Finally, American Century Companies Inc. acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter worth $317,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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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