Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 trading hands.

Analyst Upgrades and Downgrades

RIGL has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Citigroup reiterated a “buy” rating and set a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.50.

Rigel Pharmaceuticals Price Performance

The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. The stock has a market cap of $750.64 million, a PE ratio of 2.17 and a beta of 1.14. The business has a 50-day moving average price of $33.87 and a 200 day moving average price of $33.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The firm had revenue of $58.82 million during the quarter, compared to analysts’ expectations of $62.40 million. As a group, research analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigel Pharmaceuticals

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC purchased a new position in Rigel Pharmaceuticals in the 1st quarter valued at approximately $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 1,464 shares in the last quarter. Legal & General Group Plc lifted its position in shares of 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 acquiring an additional 2,442 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock worth $507,000 after acquiring an additional 555 shares during the period. Finally, American Century Companies Inc. bought a new position in shares of Rigel Pharmaceuticals in the second quarter worth $317,000. 66.23% of the stock is owned by institutional investors.

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).