Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $85.00 price target on the biotechnology company’s stock. HC Wainwright‘s price objective indicates a potential upside of 73.90% from the stock’s previous close.
Other research analysts have also recently issued research reports about the company. Weiss Ratings upgraded Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Piper Sandler reiterated a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Finally, Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $59.00.
Read Our Latest Stock Analysis on RIGL
Rigel Pharmaceuticals Stock Up 1.6%
Rigel Pharmaceuticals stock opened at $48.88 on Monday. Rigel Pharmaceuticals has a 12-month low of $24.95 and a 12-month high of $52.24. The business’s 50-day moving average price is $46.88 and its two-hundred day moving average price is $38.50. The stock has a market cap of $904.28 million, a PE ratio of 3.00 and a beta of 1.19.
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $55.28 million. As a group, analysts expect that Rigel Pharmaceuticals will post 2.98 earnings per share for the current year.
Institutional Trading of Rigel Pharmaceuticals
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Rigel Pharmaceuticals during the second quarter valued at about $75,886,000. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at about $25,793,000. Dimensional Fund Advisors LP grew its position in shares of Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after buying an additional 102,729 shares during the last quarter. Bank of America Corp DE grew its position in shares of Rigel Pharmaceuticals by 23.2% in the 1st quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock valued at $3,897,000 after buying an additional 27,179 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Rigel Pharmaceuticals by 275.2% in the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock valued at $3,674,000 after buying an additional 99,659 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.
Rigel Pharmaceuticals Company Profile
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.
Featured Stories
- Five stocks we like better than Rigel Pharmaceuticals
- There’s a New Q in Town: Invesco’s ETF Targets International Innovators
- Boarding Now—GE Aerospace’s Earnings Beat Comes With a Catch
- AI Spending Is Surging—But Which Stocks Still Win if It Slows Down?
- Are RTX Corporation and Northrop Grumman Ready to Break Out?
Receive News & Ratings for Rigel Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.
