Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, Zacks reports.
A number of other research firms also recently issued reports on RIGL. HC Wainwright reissued a “buy” rating and set a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. 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 report on Monday, August 17th. Finally, Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $59.00.
Read Our Latest Analysis on Rigel Pharmaceuticals
Rigel Pharmaceuticals Price Performance
Shares of NASDAQ:RIGL opened at $47.25 on Wednesday. The business has a 50-day moving average of $46.40 and a two-hundred day moving average of $37.92. The firm has a market capitalization of $874.12 million, a PE ratio of 2.90 and a beta of 1.19. Rigel Pharmaceuticals has a 12 month low of $24.95 and a 12 month high of $52.24.
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. The company had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. As a group, research analysts anticipate that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.
Institutional Investors Weigh In On Rigel Pharmaceuticals
Several institutional investors and hedge funds have recently modified their holdings of RIGL. BlackRock Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $75,886,000. Assenagon Asset Management S.A. purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $25,793,000. Dimensional Fund Advisors LP boosted its holdings in Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock worth $10,259,000 after acquiring an additional 102,729 shares during the period. Bank of America Corp DE purchased a new position in Rigel Pharmaceuticals in the 2nd quarter worth approximately $4,832,000. Finally, Globeflex Capital L P purchased a new position in Rigel Pharmaceuticals in the 2nd quarter worth approximately $4,408,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.
Rigel’s marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.
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