Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.
Several other brokerages have also issued reports on RIGL. Piper Sandler reiterated a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday. Weiss Ratings upgraded Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.00.
View Our Latest Analysis on Rigel Pharmaceuticals
Rigel Pharmaceuticals Trading Up 2.8%
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The firm had revenue of $78.70 million during the quarter, compared to analysts’ expectations of $55.27 million. As a group, analysts predict that Rigel Pharmaceuticals will post 2.98 EPS for the current year.
Insiders Place Their Bets
In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the sale, the director owned 10,125 shares in the company, valued at approximately $354,375. This represents a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in RIGL. IFP Advisors Inc lifted its holdings in shares of Rigel Pharmaceuticals by 21.8% during the fourth quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock worth $97,000 after buying an additional 405 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Rigel Pharmaceuticals by 1.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock valued at $779,000 after buying an additional 546 shares during the last quarter. Rhumbline Advisers grew its position in Rigel Pharmaceuticals by 2.1% during the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock worth $507,000 after buying an additional 555 shares in the last quarter. Deutsche Bank AG raised its holdings in Rigel Pharmaceuticals by 4.0% in the 4th quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock valued at $628,000 after acquiring an additional 570 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock valued at $351,000 after purchasing an additional 576 shares during the period. 66.23% of the stock is owned by institutional investors.
Rigel Pharmaceuticals Company Profile
Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.
Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).
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