Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock Rated “Moderate Buy” by Wall Street Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given an average rating of “Moderate Buy” by the seven analysts that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $59.00.

RIGL has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th. Piper Sandler reiterated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th.

Rigel Pharmaceuticals Stock Down 0.7%

Shares of NASDAQ:RIGL opened at $46.82 on Thursday. The company has a market capitalization of $866.17 million, a price-to-earnings ratio of 2.87 and a beta of 1.19. Rigel Pharmaceuticals has a 52 week low of $24.95 and a 52 week high of $52.24. The firm has a 50 day moving average of $46.24 and a 200 day moving average of $37.77.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $55.27 million. On average, sell-side analysts expect that Rigel Pharmaceuticals will post 2.98 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Venture Visionary Partners LLC acquired a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $296,000. Juncture Wealth Strategies LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth $220,000. Integrated Wealth Concepts LLC acquired a new position in shares of Rigel Pharmaceuticals during the second quarter worth $38,000. Squarepoint Ops LLC lifted its holdings in shares of Rigel Pharmaceuticals by 137.1% during the 2nd quarter. Squarepoint Ops LLC now owns 66,658 shares of the biotechnology company’s stock valued at $2,608,000 after purchasing an additional 38,550 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Rigel Pharmaceuticals by 34.0% during the 2nd quarter. Hsbc Holdings PLC now owns 18,577 shares of the biotechnology company’s stock valued at $745,000 after purchasing an additional 4,716 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel’s marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.