B. Riley Increases Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $24.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target increased by B. Riley from $20.00 to $24.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the company. Citigroup boosted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. StockNews.com cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Cantor Fitzgerald boosted their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday. Finally, Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Rigel Pharmaceuticals Trading Down 8.1 %

Shares of NASDAQ:RIGL opened at $20.29 on Wednesday. The stock has a 50 day moving average of $20.01 and a 200 day moving average of $18.40. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The company has a market cap of $357.41 million, a PE ratio of 144.94 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million for the quarter, compared to analysts’ expectations of $57.59 million. Equities research analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In related news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now owns 58,969 shares in the company, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the sale, the chief executive officer now owns 243,854 shares in the company, valued at $5,101,425.68. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,113 shares of company stock worth $190,644. Company insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently bought and sold shares of the business. Soleus Capital Management L.P. grew its position in Rigel Pharmaceuticals by 21.0% in the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after acquiring an additional 195,891 shares during the last quarter. Vanguard Group Inc. grew its position in Rigel Pharmaceuticals by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company’s stock valued at $17,038,000 after acquiring an additional 27,640 shares during the last quarter. Geode Capital Management LLC grew its position in Rigel Pharmaceuticals by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock valued at $6,764,000 after acquiring an additional 2,388 shares during the last quarter. State Street Corp grew its position in Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after acquiring an additional 2,552 shares during the last quarter. Finally, Stonepine Capital Management LLC grew its position in Rigel Pharmaceuticals by 1.3% in the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after acquiring an additional 4,100 shares during the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.