Rigel Pharmaceuticals (NASDAQ:RIGL) Raised to Hold at Zacks Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday, Zacks reports.

A number of other research firms have also recently commented on RIGL. Weiss Ratings cut Rigel Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, November 9th. Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $43.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, November 6th. Citigroup upped their target price on shares of Rigel Pharmaceuticals from $83.00 to $86.00 and gave the company a “buy” rating in a report on Monday, November 9th. Piper Sandler reaffirmed a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Finally, HC Wainwright reiterated a “buy” rating and set a $85.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.75.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL traded down $1.23 during trading hours on Thursday, reaching $44.46. 151,588 shares of the company traded hands, compared to its average volume of 261,596. The firm’s 50-day moving average is $47.44 and its 200-day moving average is $37.64. The stock has a market cap of $837.18 million, a P/E ratio of 2.87 and a beta of 1.28. Rigel Pharmaceuticals has a 1-year low of $24.95 and a 1-year high of $52.60.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Thursday, November 5th. The biotechnology company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.27). Rigel Pharmaceuticals had a return on equity of 14.89% and a net margin of 106.59%. The company had revenue of $80.89 million for the quarter, compared to analysts’ expectations of $80.00 million. As a group, research analysts predict that Rigel Pharmaceuticals will post 2.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIGL. Signature Equity Partners LLC purchased a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $27,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Rigel Pharmaceuticals in the second quarter worth approximately $38,000. 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. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $46,000. Finally, Allworth Financial LP grew its holdings in Rigel Pharmaceuticals by 103.7% in the third quarter. Allworth Financial LP now owns 982 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc. is a biotechnology company that discovers, develops and commercializes medicines for people with serious hematologic disorders and cancers. Founded in 1996 and based in South San Francisco, California, the company has focused on treatments that target biological pathways involved in disease. Rigel’s marketed products include Tavalisse (fostamatinib), an oral treatment for adults with chronic immune thrombocytopenia who have had an insufficient response to prior treatment, and Rezlidhia (olutasidenib), an oral therapy for certain adults with relapsed or refractory acute myeloid leukemia containing an IDH1 mutation.