Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL - Free Report) from a strong-buy rating to a buy rating in a research note published on Saturday.

Several other equities analysts have also commented on the company. Cantor Fitzgerald raised their price target 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 boosted their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 6th. B. Riley upped their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 5th. Piper Sandler lifted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Finally, HC Wainwright restated a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $36.80.

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Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock traded down $0.04 during trading hours on Friday, hitting $19.49. The company had a trading volume of 288,194 shares, compared to its average volume of 247,023. The firm has a market cap of $348.15 million, a P/E ratio of 139.22 and a beta of 1.35. The company has a 50-day moving average price of $20.28 and a two-hundred day moving average price of $18.62. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.50. The company had revenue of $57.60 million for the quarter, compared to analysts' expectations of $57.59 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. As a group, equities research analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current year.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $42,593.12. Following the sale, the chief financial officer now 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 disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock worth $190,644 in the last 90 days. 9.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Soleus Capital Management L.P. raised its position in shares of Rigel Pharmaceuticals by 21.0% in 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 last quarter. Renaissance Technologies LLC raised its holdings in shares of Rigel Pharmaceuticals by 111.1% in the fourth quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company's stock worth $5,041,000 after buying an additional 157,763 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rigel Pharmaceuticals by 587.9% during the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after buying an additional 154,254 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Rigel Pharmaceuticals by 814.5% during the fourth quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock valued at $2,861,000 after buying an additional 151,500 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at $2,178,000. Hedge funds and other 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.