Rigel Pharmaceuticals (NASDAQ:RIGL) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $57.00 target price on the biotechnology company’s stock.

RIGL has been the subject of several other reports. Citigroup upped their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler increased their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. B. Riley upped their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. StockNews.com cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Finally, Cantor Fitzgerald upped their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Rigel Pharmaceuticals Price Performance

RIGL opened at $20.29 on Wednesday. The business has a fifty day moving average price of $20.01 and a 200 day moving average price of $18.40. The stock has a market capitalization of $357.41 million, a price-to-earnings ratio of 144.94 and a beta of 1.35. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82.

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

Insider Activity

In related news, CFO Dean L. Schorno sold 2,036 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $42,593.12. Following the completion of the transaction, the chief financial officer now directly owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the transaction, the executive vice president now owns 53,500 shares of the company’s stock, valued at $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,113 shares of company stock worth $190,644 over the last ninety days. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals in the fourth quarter valued at approximately $63,000. Wells Fargo & Company MN boosted its position in shares of Rigel Pharmaceuticals by 44.5% during the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after buying an additional 2,648 shares during the period. SG Americas Securities LLC boosted its position in shares of Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $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 during the fourth quarter worth approximately $170,000. Finally, Integrated Quantitative Investments LLC acquired a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $181,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.