Rigel Pharmaceuticals, Inc. (RIGL:NSD) has garnered attention from the investment community as eight ratings firms have assigned the RIGL stock an average rating of “Hold”. With a one-year price target averaging $4.21 among analysts, let’s delve deeper into the company’s market performance and recent analyst reports.
RIGL Stock-Analyst Ratings:
Several recent analyst ratings have shed light on Rigel Pharmaceuticals’ prospects. Citigroup raised their price target on Rigel Pharmaceuticals from $2.00 to $3.00 and expressed a “buy” rating in their research report. Meanwhile, HC Wainwright reiterated their “buy” rating and set a price target of $15.00. Piper Sandler also maintained a “neutral” rating with a price target of $2.00.
RIGL Stock Performance and Financials:
On Tuesday, RIGL stock opened at $1.32. The company has experienced a 52-week low of $0.64 and a high of $2.04. With a market capitalization of $229.24 million, Rigel Pharmaceuticals has a price-to-earnings ratio of -5.08 and a beta of 0.72. Its fifty-day moving average stands at $1.27, while the 200-day moving average is $1.34.
Rigel Pharmaceuticals released its quarterly earnings data on March 7th, reporting earnings per share (EPS) of $0.01 for the quarter. This surpassed analysts’ consensus estimate of ($0.07) by $0.08. The company posted a negative return on equity of 2,419.00% and a negative net margin of 34.47%. Revenue for the quarter reached $51.28 million, surpassing the consensus estimate of $37.55 million. Analysts project an EPS of -0.3 for the current fiscal year.
Institutional Holdings:
RIGL stock has attracted the attention of institutional investors, some of whom have recently modified their holdings. Putnam Investments LLC acquired a new stake in Rigel Pharmaceuticals in the first quarter, valued at approximately $348,000. JPMorgan Chase & Co. increased its stake by 204.3%, owning 522,507 shares worth $690,000. Jane Street Group LLC raised its stake by 22.3% to 129,003 shares, valued at $170,000. State Street Corp also increased its stake by 2.1% to 3,446,155 shares, valued at $4,549,000. Additionally, Geode Capital Management LLC augmented its position by 4.0%, owning 3,274,591 shares valued at $4,322,000.
Conclusion:
Rigel Pharmaceuticals currently holds a “Hold” rating from brokerages, with a mix of hold and buy recommendations among analysts. The stock performance has shown a range between its 52-week low and high, while the company’s recent earnings report surpassed expectations. Institutional investors have shown interest in Rigel Pharmaceuticals, making modifications to their holdings. As the company continues to navigate the market, investors will closely monitor developments and analyst sentiment to assess future growth potential.
