Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Recommendation of “Hold” by Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $54.50.

Several brokerages have issued reports on RIGL. Citigroup reaffirmed a “buy” rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Tuesday, April 21st. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Friday. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Finally, Wall Street Zen cut shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th.

Institutional Trading of Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RIGL. AQR Capital Management LLC purchased a new position in Rigel Pharmaceuticals during the 1st quarter valued at $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Rigel Pharmaceuticals by 14.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 1,464 shares during the period. Legal & General Group Plc boosted its stake in shares of Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after purchasing an additional 2,442 shares in the last quarter. Rhumbline Advisers increased its position in shares of Rigel Pharmaceuticals by 2.1% during the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after buying an additional 555 shares during the period. Finally, American Century Companies Inc. purchased a new position in shares of Rigel Pharmaceuticals during the second quarter valued at about $317,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 0.6%

NASDAQ RIGL opened at $29.01 on Monday. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04. The stock’s 50-day simple moving average is $28.55 and its two-hundred day simple moving average is $35.42. Rigel Pharmaceuticals has a twelve month low of $18.14 and a twelve month high of $52.24. The company has a market capitalization of $536.69 million, a price-to-earnings ratio of 1.55 and a beta of 1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The firm had revenue of $58.82 million during the quarter, compared to analysts’ expectations of $62.40 million. Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%. Research analysts forecast that Rigel Pharmaceuticals will post 3.76 EPS for the current fiscal year.

About Rigel Pharmaceuticals

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).