Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Cut to $1.25 by Analysts at B. Riley

Posted by on Jun 9th, 2022

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) had its price objective cut by B. Riley from $4.00 to $1.25 in a report issued on Thursday, The Fly reports. B. Riley’s price target indicates a potential upside of 78.32% from the stock’s current price.

RIGL has been the topic of a number of other research reports. Citigroup downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Thursday. Piper Sandler downgraded shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $7.00 to $1.00 in a research report on Wednesday. StockNews.com initiated coverage on shares of Rigel Pharmaceuticals in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Cantor Fitzgerald downgraded shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $6.00 to $1.00 in a research report on Wednesday. Finally, Jefferies Financial Group downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $3.65.

NASDAQ RIGL opened at $0.70 on Thursday. The company has a debt-to-equity ratio of 4.39, a quick ratio of 2.23 and a current ratio of 2.35. The company has a market capitalization of $120.61 million, a price-to-earnings ratio of -1.43 and a beta of 1.50. The company’s 50-day simple moving average is $2.35 and its two-hundred day simple moving average is $2.57. Rigel Pharmaceuticals has a one year low of $0.69 and a one year high of $4.62.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last posted its earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The business had revenue of $16.74 million for the quarter, compared to analysts’ expectations of $18.49 million. Rigel Pharmaceuticals had a negative net margin of 99.89% and a negative return on equity of 219.06%. During the same period last year, the business posted $0.22 EPS. Equities analysts expect that Rigel Pharmaceuticals will post -0.54 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position in Rigel Pharmaceuticals by 10.1% during the 1st quarter. Bank of America Corp DE now owns 275,117 shares of the biotechnology company’s stock worth $822,000 after purchasing an additional 25,128 shares during the last quarter. Walleye Capital LLC lifted its stake in Rigel Pharmaceuticals by 43.8% during the 1st quarter. Walleye Capital LLC now owns 1,049,059 shares of the biotechnology company’s stock valued at $3,137,000 after acquiring an additional 319,762 shares during the period. Lido Advisors LLC lifted its stake in Rigel Pharmaceuticals by 7.6% during the 1st quarter. Lido Advisors LLC now owns 69,105 shares of the biotechnology company’s stock valued at $206,000 after acquiring an additional 4,854 shares during the period. Rock Springs Capital Management LP lifted its stake in Rigel Pharmaceuticals by 1.3% during the 1st quarter. Rock Springs Capital Management LP now owns 4,921,487 shares of the biotechnology company’s stock valued at $14,715,000 after acquiring an additional 61,287 shares during the period. Finally, Woodline Partners LP acquired a new stake in Rigel Pharmaceuticals during the 1st quarter valued at approximately $2,463,000. 80.33% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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