Rigel Pharmaceuticals (NASDAQ:RIGL) Sets New 12-Month High – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price reached a new 52-week high during trading on Friday. The company traded as high as $52.61 and last traded at $51.8550, with a volume of 21,876 shares traded. The stock had previously closed at $51.45.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RIGL shares. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Piper Sandler restated a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, HC Wainwright restated a “buy” rating and set a $85.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $59.00.

Rigel Pharmaceuticals Trading Down 0.4%

The stock has a market capitalization of $947.85 million, a PE ratio of 3.15 and a beta of 1.19. The stock has a 50 day moving average price of $47.57 and a 200-day moving average price of $37.18.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The business had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.27 million. Research analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Signature Equity Partners LLC bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rigel Pharmaceuticals during the third quarter worth about $46,000. State of Wyoming purchased a new stake in Rigel Pharmaceuticals during the third quarter worth $333,000. China Universal Asset Management Co. Ltd. raised its holdings in Rigel Pharmaceuticals by 15.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,408 shares of the biotechnology company’s stock worth $167,000 after purchasing an additional 463 shares during the period. Finally, Signaturefd LLC grew its holdings in Rigel Pharmaceuticals by 180.0% in the third quarter. Signaturefd LLC now owns 826 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 531 shares during the period. 66.23% of the stock is currently owned by institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc (NASDAQ:RIGL) is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel’s primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.