Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock Has Average Target Price of $59.00

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $59.00.

A number of research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Piper Sandler reaffirmed a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, September 9th. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Finally, Zacks Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL opened at $48.18 on Friday. The company has a market capitalization of $891.43 million, a P/E ratio of 2.95 and a beta of 1.20. The business’s 50 day simple moving average is $43.72 and its 200 day simple moving average is $35.75. Rigel Pharmaceuticals has a 1 year low of $24.95 and a 1 year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The company had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. On average, sell-side analysts anticipate that Rigel Pharmaceuticals will post 2.98 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at $75,886,000. Armistice Capital LLC lifted its position in shares of Rigel Pharmaceuticals by 15.5% during the fourth quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock valued at $35,806,000 after purchasing an additional 112,000 shares in the last quarter. LSV Asset Management lifted its position in shares of Rigel Pharmaceuticals by 390.8% during the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after purchasing an additional 433,382 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after buying an additional 102,729 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Rigel Pharmaceuticals during the 2nd quarter worth approximately $4,832,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

Rigel’s principal commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for the treatment of adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.