Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by StockNews.com to “Buy”

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

Several other analysts have also weighed in on RIGL. B. Riley boosted their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler upped their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Citigroup lifted their price objective on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.80.

Rigel Pharmaceuticals Stock Up 4.2 %

RIGL stock opened at $20.52 on Friday. The stock’s 50 day moving average is $20.14 and its two-hundred day moving average is $18.43. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The company has a market capitalization of $361.46 million, a PE ratio of 146.58 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.50. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The business had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.59 million. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now directly owns 53,500 shares in the company, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now owns 243,854 shares of the company’s stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,113 shares of company stock worth $190,644 in the last 90 days. 9.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Large investors have recently made changes to their positions in the company. PDT Partners LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth approximately $322,000. Los Angeles Capital Management LLC boosted its position in Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after acquiring an additional 19,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after acquiring an additional 22,443 shares during the period. Barclays PLC grew its stake in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after purchasing an additional 16,772 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Rigel Pharmaceuticals by 45.0% during the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock valued at $425,000 after purchasing an additional 8,140 shares during the period. 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.