Rigel Pharmaceuticals (NASDAQ:RIGL) Cut to “Buy” at StockNews.com

StockNews.com lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a research note published on Saturday.

Several other equities analysts have also weighed in on RIGL. Piper Sandler increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Citigroup increased their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 6th. HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Cantor Fitzgerald upped their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, B. Riley lifted their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $36.80.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $19.53 on Friday. The stock has a 50-day simple moving average of $20.28 and a 200 day simple moving average of $18.62. The stock has a market capitalization of $348.86 million, a P/E ratio of 139.51 and a beta of 1.35. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $57.59 million. Research analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Raul R. Rodriguez sold 4,952 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the sale, the chief executive officer now owns 243,854 shares of the company’s stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares in the company, valued at $1,119,220. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock worth $190,644 in the last quarter. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new position in Rigel Pharmaceuticals in the fourth quarter valued at approximately $63,000. Wells Fargo & Company MN increased its stake in shares of Rigel Pharmaceuticals by 44.5% in the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 2,648 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 2,827 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of Rigel Pharmaceuticals during the 4th quarter worth $170,000. Finally, Integrated Quantitative Investments LLC bought a new stake in shares of Rigel Pharmaceuticals during the 4th quarter worth $181,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.