B. Riley Forecasts Strong Price Appreciation for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target raised by equities research analysts at B. Riley from $20.00 to $24.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s price target would suggest a potential upside of 21.83% from the company’s previous close. B. Riley also issued estimates for Rigel Pharmaceuticals’ FY2026 earnings at $1.08 EPS.

Other equities research analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday. Piper Sandler boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. StockNews.com downgraded Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Finally, Citigroup increased their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $19.70 on Wednesday. The company’s 50 day simple moving average is $20.09 and its two-hundred day simple moving average is $18.42. The stock has a market capitalization of $347.02 million, a PE ratio of 140.72 and a beta of 1.35. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 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 analysts’ expectations of $57.59 million. On average, research analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Activity

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now owns 58,969 shares in the company, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the transaction, the chief executive officer now directly 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. Over the last ninety days, insiders sold 9,113 shares of company stock valued at $190,644. Insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Rigel Pharmaceuticals in the fourth quarter worth about $676,000. Soleus Capital Management L.P. grew its stake in shares of Rigel Pharmaceuticals by 21.0% in the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after buying an additional 195,891 shares during the last quarter. Squarepoint Ops LLC increased its position in Rigel Pharmaceuticals by 40.1% during the 4th quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after buying an additional 18,159 shares in the last quarter. Two Sigma Advisers LP raised its stake in Rigel Pharmaceuticals by 63.0% during the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock valued at $1,062,000 after buying an additional 24,400 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in Rigel Pharmaceuticals in the fourth quarter worth $1,025,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.