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

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target hoisted by B. Riley from $20.00 to $24.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s target price would indicate a potential upside of 22.64% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. StockNews.com downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. 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 research report on Tuesday, November 12th. Finally, HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Rigel Pharmaceuticals Stock Down 11.4 %

Shares of NASDAQ:RIGL traded down $2.51 during midday trading on Wednesday, reaching $19.57. The company’s stock had a trading volume of 345,167 shares, compared to its average volume of 240,090. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The business has a 50 day moving average price of $20.01 and a 200 day moving average price of $18.40. The firm has a market cap of $344.73 million, a price-to-earnings ratio of 139.22 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS 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 business 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 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at $5,101,425.68. The trade was a 1.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Dean L. Schorno sold 2,036 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now owns 58,969 shares of the company’s stock, valued at approximately $1,233,631.48. The trade was a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is currently owned by insiders.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of RIGL. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Rigel Pharmaceuticals in the fourth quarter valued at about $676,000. Soleus Capital Management L.P. lifted 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 valued at $19,018,000 after purchasing an additional 195,891 shares during the period. Squarepoint Ops LLC grew its position 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 worth $1,067,000 after buying an additional 18,159 shares during the period. Two Sigma Advisers LP raised its stake in shares of Rigel Pharmaceuticals by 63.0% during the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock worth $1,062,000 after buying an additional 24,400 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in Rigel Pharmaceuticals in the fourth quarter valued at approximately $1,025,000. 66.23% of the stock is owned by institutional investors.

About Rigel Pharmaceuticals

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.