Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $45.6667.

Several analysts have weighed in on RIGL shares. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Thursday, January 22nd.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $36.36, for a total value of $145,440.00. Following the completion of the sale, the director owned 12,722 shares in the company, valued at approximately $462,571.92. This represents a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.04% of the stock is currently owned by company insiders.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in Rigel Pharmaceuticals by 96.9% during the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock valued at $46,737,000 after purchasing an additional 536,905 shares during the period. LSV Asset Management raised its holdings in Rigel Pharmaceuticals by 390.8% in the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock worth $23,312,000 after purchasing an additional 433,382 shares during the period. Millennium Management LLC boosted its position in shares of Rigel Pharmaceuticals by 309.7% during the fourth quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company’s stock worth $18,479,000 after purchasing an additional 326,159 shares in the last quarter. Marshall Wace LLP lifted its holdings in Rigel Pharmaceuticals by 63.0% during the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock worth $17,036,000 after acquiring an additional 232,383 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Rigel Pharmaceuticals by 110.6% during the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock worth $10,226,000 after acquiring an additional 189,542 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Up 1.3%

NASDAQ:RIGL opened at $28.44 on Wednesday. The stock’s fifty day moving average price is $36.26 and its two-hundred day moving average price is $37.01. Rigel Pharmaceuticals has a 52-week low of $15.50 and a 52-week high of $52.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.30 and a current ratio of 2.42. The company has a market cap of $525.29 million, a price-to-earnings ratio of 1.50 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, March 3rd. The biotechnology company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.19). The firm had revenue of $69.80 million during the quarter, compared to analyst estimates of $68.70 million. Rigel Pharmaceuticals had a net margin of 124.72% and a return on equity of 79.84%. On average, analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current 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).