Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Lowered to $69.00 at Citigroup

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective reduced by Citigroup from $71.00 to $69.00 in a research note published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the biotechnology company’s stock.

A number of other analysts have also weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Finally, Wall Street Zen lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $26.24 on Thursday. The company’s 50 day simple moving average is $29.07 and its 200 day simple moving average is $35.55. The stock has a market capitalization of $485.44 million, a price-to-earnings ratio of 1.40 and a beta of 1.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.30. Rigel Pharmaceuticals has a 1 year low of $16.88 and a 1 year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued 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 company had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. As a group, research analysts predict that Rigel Pharmaceuticals will post 4.25 EPS for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In other news, Director Walter H. Moos sold 4,000 shares of Rigel Pharmaceuticals stock in a transaction on Friday, February 20th. The shares were sold at an average price of $36.36, for a total transaction of $145,440.00. Following the transaction, the director owned 12,722 shares in the company, valued at approximately $462,571.92. The trade was a 23.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.47% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Beacon Harbor Wealth Advisors Inc. bought a new position in Rigel Pharmaceuticals during the third quarter worth $4,310,000. Hennion & Walsh Asset Management Inc. bought a new position in Rigel Pharmaceuticals during the fourth quarter worth $2,235,000. Ruffer LLP bought a new position in Rigel Pharmaceuticals during the fourth quarter worth $1,598,000. Alps Advisors Inc. bought a new position in Rigel Pharmaceuticals during the third quarter worth $578,000. Finally, Ritholtz Wealth Management raised its stake in Rigel Pharmaceuticals by 961.3% during the fourth quarter. Ritholtz Wealth Management now owns 80,593 shares of the biotechnology company’s stock worth $3,452,000 after buying an additional 72,999 shares during the last quarter. Institutional investors and hedge funds 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).