Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $2.34 Consensus PT from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) have received a consensus rating of “Hold” from the nine research firms that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $2.34.

A number of brokerages recently issued reports on RIGL. HC Wainwright lowered their price target on shares of Rigel Pharmaceuticals from $11.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, June 8th. Piper Sandler lowered shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $1.00 in a research note on Wednesday, June 8th. B. Riley lowered their price objective on shares of Rigel Pharmaceuticals from $4.00 to $1.25 and set a “neutral” rating for the company in a research note on Thursday, June 9th. BMO Capital Markets lowered their price objective on shares of Rigel Pharmaceuticals from $7.00 to $3.00 in a research note on Thursday, June 9th. Finally, Cantor Fitzgerald lowered shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $6.00 to $1.00 in a research note on Wednesday, June 8th.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $1.52 on Wednesday. The company’s fifty day moving average price is $1.24 and its 200 day moving average price is $2.15. Rigel Pharmaceuticals has a 1 year low of $0.64 and a 1 year high of $4.24. The company has a market capitalization of $261.52 million, a PE ratio of -3.10 and a beta of 1.63. The company has a debt-to-equity ratio of 4.39, a quick ratio of 2.23 and a current ratio of 2.19.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). Rigel Pharmaceuticals had a negative return on equity of 406.57% and a negative net margin of 95.51%. The firm had revenue of $16.74 million for the quarter, compared to analysts’ expectations of $18.49 million. During the same period last year, the company posted $0.22 earnings per share. On average, research analysts predict that Rigel Pharmaceuticals will post -0.52 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Raul R. Rodriguez purchased 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 9th. The stock was bought at an average price of $0.69 per share, for a total transaction of $690,000.00. Following the completion of the purchase, the chief executive officer now directly owns 1,391,776 shares of the company’s stock, valued at $960,325.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.43% of the stock is owned by insiders.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth approximately $29,000. Royce & Associates LP acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth approximately $37,000. Sciencast Management LP acquired a new stake in Rigel Pharmaceuticals during the first quarter worth approximately $49,000. Shay Capital LLC acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth approximately $75,000. Finally, Teacher Retirement System of Texas increased its holdings in shares of Rigel Pharmaceuticals by 20.9% in the 4th quarter. Teacher Retirement System of Texas now owns 32,961 shares of the biotechnology company’s stock valued at $87,000 after acquiring an additional 5,701 shares during the period. Institutional investors and hedge funds own 80.33% of the company’s stock.

Rigel Pharmaceuticals Company Profile

(Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.