B. Riley Issues Positive Forecast for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target lifted by B. Riley from $20.00 to $24.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Several other research analysts have also issued reports on the stock. StockNews.com lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday. Piper Sandler lifted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Citigroup lifted their price objective 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. Finally, Cantor Fitzgerald boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.60.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $20.29 on Wednesday. The firm has a market cap of $357.41 million, a price-to-earnings ratio of 144.94 and a beta of 1.35. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The firm’s 50-day simple moving average is $20.01 and its 200 day simple moving average is $18.40.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results 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. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The company had revenue of $57.60 million for the quarter, compared to the consensus estimate of $57.59 million. Sell-side analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, EVP David A. Santos sold 2,125 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 value of $44,455.00. Following the completion of the sale, the executive vice president now directly owns 53,500 shares in the company, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,113 shares of company stock valued at $190,644. 9.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at about $676,000. Soleus Capital Management L.P. grew its stake in shares of 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 valued at $19,018,000 after purchasing an additional 195,891 shares during the period. Squarepoint Ops LLC grew its stake 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 period. Two Sigma Advisers LP grew its stake in shares of Rigel Pharmaceuticals by 63.0% during the 4th quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock valued at $1,062,000 after purchasing an additional 24,400 shares during the period. Finally, Two Sigma Investments LP bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $1,025,000. 66.23% of the stock is currently owned by 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.