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

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $57.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 167.79% from the company’s previous close.

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

Rigel Pharmaceuticals Stock Down 2.4 %

Shares of RIGL stock traded down $0.53 during mid-day trading on Wednesday, reaching $21.29. 132,525 shares of the stock traded hands, compared to its average volume of 252,552. The stock’s fifty day simple moving average is $20.83 and its two-hundred day simple moving average is $15.99. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The company has a market cap of $374.83 million, a price-to-earnings ratio of 152.19 and a beta of 1.31.

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

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. PDT Partners LLC bought a new stake in Rigel Pharmaceuticals during the third quarter worth $322,000. Los Angeles Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after acquiring an additional 22,443 shares during the period. Barclays PLC raised its position in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after buying an additional 16,772 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Rigel Pharmaceuticals by 0.7% during 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. 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.