Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $36.20 Consensus PT from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given an average recommendation of “Hold” by the five research firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $36.20.

A number of brokerages recently issued reports on RIGL. B. Riley boosted their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Citigroup boosted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Piper Sandler boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $22.60 on Tuesday. The company has a market cap of $398.10 million, a PE ratio of 161.44 and a beta of 1.31. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The firm has a 50 day moving average price of $20.44 and a 200 day moving average price of $16.54.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.69. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The firm had revenue of $55.31 million during the quarter, compared to analyst estimates of $40.69 million. During the same quarter last year, the firm earned ($0.30) EPS. On average, sell-side analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RIGL. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $7,148,000. FMR LLC increased its holdings in shares of Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after acquiring an additional 26,184 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares during the period. PDT Partners LLC bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth $322,000. Finally, BNP Paribas Financial Markets increased its stake in Rigel Pharmaceuticals by 1,199.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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.