Citigroup Forecasts Strong Price Appreciation for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective lifted by equities researchers at Citigroup from $49.00 to $55.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s target price suggests a potential upside of 168.03% from the stock’s current price.

Several other research analysts also recently commented on the company. Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday. B. Riley boosted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.80.

Rigel Pharmaceuticals Trading Up 4.2 %

NASDAQ RIGL opened at $20.52 on Thursday. The company has a market capitalization of $361.46 million, a price-to-earnings ratio of 146.58 and a beta of 1.35. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The stock’s 50 day moving average is $20.14 and its two-hundred day moving average is $18.43.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.30 by $0.50. The business had revenue of $57.60 million for the quarter, compared to the consensus estimate of $57.59 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. On average, analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the sale, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now owns 58,969 shares of the company’s stock, valued at $1,233,631.48. The trade was a 3.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,113 shares of company stock worth $190,644. Insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. acquired a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at $63,000. Wells Fargo & Company MN grew its holdings in shares of Rigel Pharmaceuticals by 44.5% in the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock valued at $145,000 after buying an additional 2,648 shares during the period. SG Americas Securities LLC grew its holdings in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 2,827 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at $170,000. Finally, Integrated Quantitative Investments LLC acquired a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at $181,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.