Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $55.00 at Citigroup

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective boosted by Citigroup from $49.00 to $55.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price target suggests a potential upside of 172.60% from the stock’s previous close.

A number of other brokerages also recently issued reports on RIGL. HC Wainwright reissued a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday. B. Riley boosted their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday. Cantor Fitzgerald upped their price objective 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. Piper Sandler lifted their target price 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, StockNews.com cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Three 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 stock has an average rating of “Moderate Buy” and a consensus target price of $36.80.

Rigel Pharmaceuticals Trading Down 0.6 %

NASDAQ RIGL traded down $0.11 on Thursday, reaching $20.18. 40,958 shares of the company were exchanged, compared to its average volume of 240,944. The business’s fifty day moving average price is $20.01 and its 200 day moving average price is $18.40. The stock has a market capitalization of $355.40 million, a P/E ratio of 144.15 and a beta of 1.35. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82.

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 the consensus estimate of $0.30 by $0.50. The business had revenue of $57.60 million during the quarter, compared to analysts’ expectations of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Equities research analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Insider Activity

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction dated Tuesday, February 4th. The stock was 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 $1,233,631.48. This trade represents a 3.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David A. Santos sold 2,125 shares of the business’s 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 transaction, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RIGL. Soleus Capital Management L.P. increased its holdings in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after buying an additional 195,891 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Rigel Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company’s stock worth $17,038,000 after acquiring an additional 27,640 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock valued at $6,764,000 after acquiring an additional 2,388 shares during the last quarter. State Street Corp raised 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 worth $5,951,000 after acquiring an additional 2,552 shares in the last quarter. Finally, Stonepine Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after purchasing an additional 4,100 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.