Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $43.20 Average PT from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $43.20.

A number of brokerages recently commented on RIGL. HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price objective for the company from $23.00 to $42.00 in a research note on Wednesday, November 5th. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Zacks Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Finally, Cantor Fitzgerald raised their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th.

Rigel Pharmaceuticals Stock Down 0.8%

Shares of RIGL opened at $37.48 on Tuesday. Rigel Pharmaceuticals has a 1 year low of $15.50 and a 1 year high of $52.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14. The stock has a 50 day simple moving average of $43.36 and a two-hundred day simple moving average of $34.90. The firm has a market cap of $680.26 million, a P/E ratio of 6.07 and a beta of 1.11.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, topping the consensus estimate of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The firm had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. On average, analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Range Financial Group LLC raised its holdings in Rigel Pharmaceuticals by 1.2% during the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock valued at $1,968,000 after buying an additional 561 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at about $2,235,000. SG Americas Securities LLC boosted its holdings in shares of Rigel Pharmaceuticals by 82.0% during the fourth quarter. SG Americas Securities LLC now owns 12,768 shares of the biotechnology company’s stock worth $547,000 after purchasing an additional 5,754 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Rigel Pharmaceuticals by 251.5% in the third quarter. JPMorgan Chase & Co. now owns 34,960 shares of the biotechnology company’s stock worth $990,000 after purchasing an additional 25,013 shares during the last quarter. Finally, IFP Advisors Inc bought a new stake in shares of Rigel Pharmaceuticals in the third quarter worth about $55,000. 66.23% of the stock is owned by hedge funds and other 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).