Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Expected to Rise, Citigroup Analyst Says

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) had its price objective hoisted by stock analysts at Citigroup from $49.00 to $55.00 in a note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Citigroup's price objective points to a potential upside of 181.62% from the company's previous close.

RIGL has been the topic of several other research reports. StockNews.com cut Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. B. Riley upped their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Piper Sandler increased their target price 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. Cantor Fitzgerald boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Finally, HC Wainwright reiterated a "buy" rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $36.80.

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Rigel Pharmaceuticals Stock Down 4.8 %

Shares of Rigel Pharmaceuticals stock traded down $0.99 during trading on Thursday, hitting $19.53. The stock had a trading volume of 343,303 shares, compared to its average volume of 246,467. The company has a market capitalization of $348.86 million, a PE ratio of 139.51 and a beta of 1.35. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The stock has a 50 day simple moving average of $20.28 and a 200 day simple moving average of $18.62.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released 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. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.59 million. As a group, equities analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 completion of the sale, the chief financial officer now directly owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares of the company's stock, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company's stock.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in RIGL. Soleus Capital Management L.P. lifted its holdings in shares of Rigel Pharmaceuticals by 21.0% during the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock worth $19,018,000 after buying an additional 195,891 shares during the last quarter. Renaissance Technologies LLC increased 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 worth $5,041,000 after acquiring an additional 157,763 shares during the period. JPMorgan Chase & Co. raised its stake in Rigel Pharmaceuticals by 587.9% during the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock valued at $3,036,000 after purchasing an additional 154,254 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in Rigel Pharmaceuticals by 814.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock valued at $2,861,000 after purchasing an additional 151,500 shares during the last quarter. Finally, Norges Bank bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $2,178,000. Institutional investors own 66.23% of the company's stock.

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.