Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Up 10.3% – Time to Buy?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price was up 10.3% during mid-day trading on Monday . The stock traded as high as $36.25 and last traded at $36.2880. Approximately 273,692 shares traded hands during trading, a decline of 28% from the average daily volume of 380,333 shares. The stock had previously closed at $32.91.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Citigroup reiterated a “buy” rating and issued a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Stock Up 2.7%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.48 and a current ratio of 2.62. The firm has a market capitalization of $676.75 million, a PE ratio of 1.96 and a beta of 1.20. The company has a fifty day moving average price of $30.49 and a 200-day moving average price of $33.68.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share 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. As a group, analysts expect that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $29.17, for a total value of $72,925.00. Following the completion of the transaction, the director directly owned 12,625 shares of the company’s stock, valued at $368,271.25. This trade represents a 16.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 10.47% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIGL. Hennion & Walsh Asset Management Inc. purchased a new stake in Rigel Pharmaceuticals during the fourth quarter valued at approximately $2,235,000. Ruffer LLP purchased a new position in shares of Rigel Pharmaceuticals in the 4th quarter worth approximately $1,598,000. Ritholtz Wealth Management boosted its holdings in shares of Rigel Pharmaceuticals by 961.3% in the 4th quarter. Ritholtz Wealth Management now owns 80,593 shares of the biotechnology company’s stock worth $3,452,000 after purchasing an additional 72,999 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $2,364,000. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $2,249,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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).