HC Wainwright Reiterates “Buy” Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $57.00 target price on the biotechnology company’s stock. HC Wainwright’s price objective would indicate a potential upside of 158.15% from the stock’s previous close.

Several other brokerages also recently commented on RIGL. Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler raised 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. B. Riley boosted their price objective on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. StockNews.com downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Finally, Citigroup upped their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Stock Down 1.3 %

NASDAQ RIGL opened at $22.08 on Wednesday. The firm has a market cap of $388.94 million, a P/E ratio of 157.73 and a beta of 1.34. The company’s 50 day moving average is $20.01 and its 200-day moving average is $18.40. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

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

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was 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. The trade was a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the transaction, the executive vice president now owns 53,500 shares of the company’s stock, 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 9,113 shares of company stock valued at $190,644 in the last quarter. Insiders own 9.04% of the company’s stock.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RIGL. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Rigel Pharmaceuticals during the fourth quarter valued at approximately $676,000. Soleus Capital Management L.P. boosted its stake in shares of 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 purchasing an additional 195,891 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Rigel Pharmaceuticals by 40.1% during the 4th quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after purchasing an additional 18,159 shares during the last quarter. Two Sigma Advisers LP raised its position in Rigel Pharmaceuticals by 63.0% in the 4th quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock worth $1,062,000 after purchasing an additional 24,400 shares during the period. Finally, Two Sigma Investments LP bought a new stake in Rigel Pharmaceuticals in the fourth quarter worth $1,025,000. 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.