Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $43.20 Consensus Price Target from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average rating of “Hold” from the seven research firms that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $43.20.

Several brokerages recently issued reports on RIGL. Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Sunday. Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price target for the company from $23.00 to $42.00 in a research report on Wednesday, November 5th.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $43.94 on Friday. Rigel Pharmaceuticals has a 1-year low of $14.63 and a 1-year high of $52.24. The business has a 50-day moving average price of $39.27 and a 200 day moving average price of $31.94. The company has a market capitalization of $797.51 million, a P/E ratio of 7.12 and a beta of 1.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The business had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. As a group, equities research analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RIGL. Vanguard Group Inc. lifted its holdings in shares of Rigel Pharmaceuticals by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock valued at $18,495,000 after purchasing an additional 15,141 shares during the last quarter. Invesco Ltd. purchased a new stake in Rigel Pharmaceuticals in the first quarter valued at about $2,412,000. Nuveen LLC acquired a new stake in Rigel Pharmaceuticals in the first quarter worth about $2,073,000. Wellington Management Group LLP boosted its holdings in Rigel Pharmaceuticals by 75.5% in the first quarter. Wellington Management Group LLP now owns 61,398 shares of the biotechnology company’s stock worth $1,105,000 after acquiring an additional 26,415 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new stake in shares of Rigel Pharmaceuticals during the first quarter worth about $40,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

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).