Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock Has Consensus Target Price of $59.00 According to Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $59.00.

Several equities research analysts have issued reports on the stock. Piper Sandler reissued a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. HC Wainwright reaffirmed 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. Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Finally, Weiss Ratings raised shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RIGL. BlackRock Inc. bought a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at about $75,886,000. Armistice Capital LLC grew its holdings in Rigel Pharmaceuticals by 15.5% during the 4th quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock worth $35,806,000 after acquiring an additional 112,000 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Rigel Pharmaceuticals by 37.1% during 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 in the last quarter. Bank of America Corp DE bought a new position in Rigel Pharmaceuticals during the 2nd quarter worth about $4,832,000. Finally, Globeflex Capital L P purchased a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $4,408,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Down 0.7%

NASDAQ:RIGL opened at $46.82 on Thursday. Rigel Pharmaceuticals has a twelve month low of $24.95 and a twelve month high of $52.24. The company has a market cap of $866.17 million, a price-to-earnings ratio of 2.87 and a beta of 1.19. The stock has a fifty day simple moving average of $46.24 and a 200-day simple moving average of $37.77.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued 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. The firm had revenue of $78.70 million during the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. As a group, equities research analysts predict that Rigel Pharmaceuticals will post 2.98 EPS for the current fiscal year.

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.