Citigroup Increases Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $55.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective raised by Citigroup from $49.00 to $55.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s target price would suggest a potential upside of 172.60% from the stock’s current price.

Several other research analysts also recently commented on the company. B. Riley raised their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler upped their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $36.80.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock traded down $0.11 during mid-day trading on Thursday, hitting $20.18. The company’s stock had a trading volume of 40,958 shares, compared to its average volume of 240,944. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The stock has a market cap of $355.40 million, a PE ratio of 144.15 and a beta of 1.35. The company has a 50 day moving average of $20.01 and a 200-day moving average of $18.40.

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

Insider Buying and Selling 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 approximately $5,101,425.68. The trade was a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David A. Santos sold 2,125 shares of the firm’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 approximately $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. Over the last ninety days, insiders sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is owned by insiders.

Institutional Trading of Rigel Pharmaceuticals

Several large investors have recently made changes to their positions in RIGL. Soleus Capital Management L.P. grew its position in Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after purchasing an additional 195,891 shares during the period. Renaissance Technologies LLC grew its position in Rigel Pharmaceuticals by 111.1% during the fourth quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company’s stock valued at $5,041,000 after buying an additional 157,763 shares during the period. JPMorgan Chase & Co. raised its position in shares of Rigel Pharmaceuticals by 587.9% in the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company’s stock worth $3,036,000 after acquiring an additional 154,254 shares during the period. Hillsdale Investment Management Inc. boosted its position in Rigel Pharmaceuticals by 814.5% during the fourth quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company’s stock worth $2,861,000 after purchasing an additional 151,500 shares in the last quarter. Finally, Norges Bank acquired a new stake in Rigel Pharmaceuticals in the fourth quarter valued at approximately $2,178,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.