Is Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) Back In The Buying Zone?

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BlackRock Fund Advisors recently announced the acquisition of new stake in Rigel Pharmaceuticals Inc. (NASDAQ:RIGL). The institutional investor has increased its shareholding in the Healthcare company by 0.35% to 13.06 million shares with purchase of 45189.0 shares. This fresh investment now brings its stake to 7.75% valued currently at $23.91 million. In addition, Rock Springs Capital Management L… raised its holdings by 2100.0 to 5.5 million shares. And Renaissance Technologies LLC has lifted its position by 41.39% or 1.23 million shares – to 4.21 million shares.

With over 3.76 million Rigel Pharmaceuticals Inc. (RIGL) shares trading Friday and a closing price of $2.30 on the day, the dollar volume was approximately $8.65 million. The shares have shown a negative weekly performance of -12.55% and its price on 07/31/20 lost nearly -4.96%. Currently, there are 168.47M common shares owned by the public and among those 168.05M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for RIGL have a consensus price objective of $7.00. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $5.00 should the stock experience a downside. But an upside of 71.25% will see the stock hit the forecast high price target while mean target price for the stock is $7.00.

Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.

The top 3 mutual fund holders in Rigel Pharmaceuticals Inc. are Fidelity Growth Company Fund, Invesco Oppenheimer Global Opport, and Vanguard Total Stock Market Index. Fidelity Growth Company Fund owns 9.77 million shares of the company’s stock, all valued at over $17.89 million. The company sold 8997.0 shares recently to bring their total holdings to about 5.80% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 2.77% of the shares outstanding.

Shares of Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) opened at $2.46, up $0.04 from a prior closing price of $2.42. However, the script later closed the day at $2.30, down -4.96%. The company’s stock has a 5-day price change of -12.55% and 34.50% over the past three months. RIGL shares are trading 7.48% year to date (YTD), with the 12-month market performance up to 0.88% higher. It has a 12-month low price of $1.23 and touched a high of $5.24 over the same period. Currently, 3.76 million shares have been traded, compared to an average intraday trading volume of 7.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.24%, 6.33%, and 11.30% respectively.

Institutional ownership of Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) shares accounts for 90.40% of the company’s 168.47M shares outstanding. Mutual fund holders own 37.87%, while other institutional holders and individual stakeholders account for 49.49% and 11.35% respectively.

It has a market capitalization of $390.65M and a beta (3y monthly) value of 1.40. The earnings-per-share (ttm) stands at -$0.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.42% over the week and 14.44% over the month.

Analysts forecast that Rigel Pharmaceuticals Inc. (RIGL) will achieve an EPS of -$0.13 for the current quarter, -$0.13 for the next quarter and -$0.3 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.15 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.12 a year ago. Earnings per share for the fiscal year are expected to increase by 9.00%, and -11.10% over the next financial year.

Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the RIGL, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on November 15, 2019, with the firm’s price target at $7-$5. JP Morgan coverage for the Rigel Pharmaceuticals Inc. (RIGL) stock in a research note released on September 26, 2019 offered a Overweight rating with a price target of $7. Cantor Fitzgerald was of a view on March 01, 2019 that the stock is Overweight, while Citigroup gave the stock Buy rating on August 27, 2018, issuing a price target of $8.50. Cantor Fitzgerald on their part issued Overweight rating on May 02, 2018.

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