Some Investing Thoughts On Rigel Pharmaceuticals Inc. (NASDAQ: RIGL)


    BlackRock Fund Advisors has recently announced that it has increased stake in Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 7.54%. After grabbing 14.05 million shares, the institutional investor is now in possession of 0.98 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 8.33% having worth around $32.31 million. Moreover, The Vanguard Group, Inc. increased its share by 0.16 million to have a control over 8.52 million shares. And Tamarack Advisers LP raised its holdings to 1.3 million shares by acquiring 6.85 million shares or 4.06% of the stake.

    Rigel Pharmaceuticals Inc. (RIGL) concluded trading on 08/26/20 at a closing price of $2.36, with 2.24 million shares of worth about $5.28 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -6.35% during that period and on Wednesday the price saw a loss of about -0.84%. Currently the company’s common shares owned by public are about 168.57M shares, out of which, 168.41M shares are available for trading.

    A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 7 analysts are covering the RIGL stock and their offered price forecasts bring an average price target of $7.14. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $8.00 and could fall to a lowest price of $5.00. However, touching the estimated high of $8.00 would mean a gain of 70.5% for the stock.

    According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 0 times over the past 12 months. They bought 0 shares in 0 of the transactions. In 0 selling transactions, insiders dumped 0 shares.

    Fidelity Growth Company Fund, Invesco Oppenheimer Global Opport, and Vanguard Total Stock Market Index are the top 3 mutual funds which are holding stakes in Rigel Pharmaceuticals Inc. Fidelity Growth Company Fund is currently holding 9.75 million shares of worth totaling $22.42 million. The company recently came selling 25794.0 shares which brought its stake up to 5.78% of the company’s outstanding shares. Vanguard Total Stock Market Index, after buying 4.67 million shares, have now control over 2.77% of the stake in the company. It holds 0.0 shares of worth $10.75 million.

    Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) started trading at $2.36, below -$0.02 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $2.36, or with a loss of -0.84%. Stock saw a price change of -6.35% in past 5 days and over the past one month there was a price change of -5.60%. Year-to-date (YTD), RIGL shares are showing a performance of 10.28% which increased to 35.63% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.23 but also hit the highest price of $5.24 during that period. While comparing its average daily trading volume of 7.82 million shares, we see that about 2.24 million changed hands on the day. The stock is currently trading -4.24% below its 20-day simple moving average (SMA20), while that difference is down -0.06% for SMA50 and it goes to 11.69% higher than SMA200.

    BlackRock Fund Advisors acquired 14.05 million shares of Rigel Pharmaceuticals Inc. having value of about $32.31 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 0.98 million shares in the company valued at close to $2324583.48, or have control over 7.54% stake in the company. Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) currently have 168.57M outstanding shares and institutions hold larger chunk of about 88.30% of that. Holding of mutual funds in the company is about 37.18% while other institutional holders and individual stake holders have control over 48.33% and 11.35% of the stake respectively.

    The stock has a current market capitalization of $413.24M and its 3Y-monthly beta is at 1.43. It has posted earnings per share of -$0.15 in the same period. It has Quick Ratio of 3.20 while making debt-to-equity ratio of 0.31. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for RIGL, volatility over the week remained 5.78% while standing at 7.73% over the month.

    Analysts are in expectations that Rigel Pharmaceuticals Inc. (RIGL) stock would likely to be making an EPS of -$0.12 in the current quarter, while forecast for next quarter ESPS is -$0.13 and it is -$0.31 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.14 which is -$0.11 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.07 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 9.00% while it is estimated to decrease by -34.80% in next year.

    Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Cantor Fitzgerald on November 15, 2019 offering an Overweight rating for the stock and assigned a target price range of between $7 and $5 to it. Coverage by JP Morgan stated Rigel Pharmaceuticals Inc. (RIGL) stock as an Overweight in their note to investors on September 26, 2019, suggesting a price target of $7 for the stock. On March 01, 2019, Cantor Fitzgerald Reiterated their recommendations, while on August 27, 2018, Citigroup Initiated their ratings for the stock with a price target of $8.50. Stock get an Overweight rating from Cantor Fitzgerald on May 02, 2018.


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