Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note released on Wednesday morning,Benzinga reports. HC Wainwright currently has a $57.00 price objective on the biotechnology company’s stock.

A number of other equities research analysts have also recently weighed in on RIGL. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald raised their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. B. Riley lifted their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Citigroup raised their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.20.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $22.17 on Wednesday. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The stock has a fifty day moving average price of $20.58 and a two-hundred day moving average price of $16.17. The stock has a market capitalization of $390.41 million, a price-to-earnings ratio of 158.37 and a beta of 1.31.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.69. The business had revenue of $55.31 million during the quarter, compared to the consensus estimate of $40.69 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. During the same quarter last year, the firm posted ($0.30) EPS. On average, analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals in the fourth quarter valued at $63,000. SG Americas Securities LLC lifted its stake in shares of Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 2,827 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares during the period. Franklin Resources Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $193,000. Finally, Barclays PLC boosted its holdings in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after acquiring an additional 16,772 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.