Analysts Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) PT at $43.20

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $43.20.

A number of equities research analysts have issued reports on the company. Jefferies Financial Group upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price target for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers lifted its position 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 buying an additional 555 shares in the last quarter. Range Financial Group LLC increased its stake in Rigel Pharmaceuticals by 1.2% in the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 561 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 775 shares in the last quarter. GSA Capital Partners LLP raised its holdings in shares of Rigel Pharmaceuticals by 2.1% during the 3rd quarter. GSA Capital Partners LLP now owns 41,771 shares of the biotechnology company’s stock worth $1,183,000 after acquiring an additional 850 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Rigel Pharmaceuticals by 14.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 1,464 shares during the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $37.48 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. Rigel Pharmaceuticals has a 12 month low of $15.50 and a 12 month high of $52.24. The stock has a market cap of $680.26 million, a price-to-earnings ratio of 6.07 and a beta of 1.11. The company’s 50 day moving average is $43.30 and its two-hundred day moving average is $34.65.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. The firm had revenue of $69.46 million during the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. As a group, research analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

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).