Rigel Pharmaceuticals (NASDAQ:RIGL) Trading Down 6.1% – Time to Sell?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) fell 6.1% on Tuesday . The company traded as low as $44.03 and last traded at $44.3550. 523,372 shares traded hands during trading, an increase of 28% from the average session volume of 407,502 shares. The stock had previously closed at $47.26.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RIGL shares. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 5th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.20.

Rigel Pharmaceuticals Trading Down 6.0%

The company’s 50 day simple moving average is $34.58 and its two-hundred day simple moving average is $29.29. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $806.09 million, a price-to-earnings ratio of 8.21 and a beta of 1.22.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results 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. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%.The business had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. As a group, research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RIGL. XTX Topco Ltd increased its holdings in shares of Rigel Pharmaceuticals by 55.2% during the first quarter. XTX Topco Ltd now owns 16,928 shares of the biotechnology company’s stock valued at $305,000 after acquiring an additional 6,018 shares in the last quarter. US Bancorp DE raised its stake in Rigel Pharmaceuticals by 57.4% in the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company’s stock worth $92,000 after acquiring an additional 1,868 shares during the last quarter. Vanguard Group Inc. lifted its position in Rigel Pharmaceuticals by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock worth $18,495,000 after acquiring an additional 15,141 shares during the period. CM Management LLC grew its stake in Rigel Pharmaceuticals by 3.1% during the 1st quarter. CM Management LLC now owns 250,000 shares of the biotechnology company’s stock valued at $4,498,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Rigel Pharmaceuticals by 13.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 157,924 shares of the biotechnology company’s stock valued at $2,841,000 after purchasing an additional 18,796 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.