Citigroup lifts Rigel Pharmaceuticals Inc. [RIGL] price estimate. Who else is bullish?

Rigel Pharmaceuticals Inc. [NASDAQ: RIGL] closed the trading session at $1.26 on 12/19/22. The day’s price range saw the stock hit a low of $1.16, while the highest price level was $1.48. The company report on December 15, 2022 that Rigel Doses First Patient in Phase 1b Study of R289 for the Treatment of Lower-Risk Myelodysplastic Syndromes.

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R289 is an investigational, oral, inhibitor of interleukin receptor-associated kinases 1 and 4 (IRAK1/4), being studied as a potentially differentiated approach to treating lower-risk MDS.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced it dosed the first patient in its Phase 1b study of R289, an IRAK1/4 dual inhibitor, in patients with lower-risk myelodysplastic syndromes (MDS) who are refractory or resistant to prior therapies.

The stocks have a year to date performance of -52.45 percent and weekly performance of 27.71 percent. The stock has been moved at 5.88 percent over the last six months. The stock has performed 68.13 percent around the most recent 30 days and changed 1.61 percent over the most recent 3-months.

If compared to the average trading volume of 3.61M shares, RIGL reached to a volume of 6525895 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Rigel Pharmaceuticals Inc. [RIGL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIGL shares is $3.66 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIGL stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Citigroup have made an estimate for Rigel Pharmaceuticals Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 09, 2022. While these analysts kept the previous recommendation, Piper Sandler dropped their target price from $7 to $1. The new note on the price target was released on June 08, 2022, representing the official price target for Rigel Pharmaceuticals Inc. stock. Previously, the target price had yet another drop from $6 to $1, while Cantor Fitzgerald kept a Neutral rating on RIGL stock.

The Average True Range (ATR) for Rigel Pharmaceuticals Inc. is set at 0.14, with the Price to Sales ratio for RIGL stock in the period of the last 12 months amounting to 2.09.

RIGL stock trade performance evaluation

Rigel Pharmaceuticals Inc. [RIGL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 27.71. With this latest performance, RIGL shares gained by 68.13% in over the last four-week period, additionally plugging by 5.88% over the last 6 months – not to mention a drop of -51.54% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIGL stock in for the last two-week period is set at 65.90, with the RSI for the last a single of trading hit 66.15, and the three-weeks RSI is set at 63.46 for Rigel Pharmaceuticals Inc. [RIGL]. The present Moving Average for the last 50 days of trading for this stock 0.8354, while it was recorded at 1.2380 for the last single week of trading, and 1.5918 for the last 200 days.

Rigel Pharmaceuticals Inc. [RIGL]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Rigel Pharmaceuticals Inc. [RIGL] shares currently have an operating margin of -6.01 and a Gross Margin at +98.88. Rigel Pharmaceuticals Inc.’s Net Margin is presently recorded at -12.00.

Return on Equity for this stock declined to -55.63, with Return on Assets sitting at -12.90.

Rigel Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.30.

Rigel Pharmaceuticals Inc. [RIGL]: Insider Ownership positions

There are presently around $162 million, or 77.60% of RIGL stock, in the hands of institutional investors. The top three institutional holders of RIGL stocks are: BLACKROCK INC. with ownership of 16,180,237, which is approximately -1.507% of the company’s market cap and around 1.20% of the total institutional ownership; FMR LLC, holding 15,486,587 shares of the stock with an approximate value of $19.51 million in RIGL stocks shares; and VANGUARD GROUP INC, currently with $15.05 million in RIGL stock with ownership of nearly 13.961% of the company’s market capitalization.

Positions in Rigel Pharmaceuticals Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 67 institutional holders increased their position in Rigel Pharmaceuticals Inc. [NASDAQ:RIGL] by around 31,605,986 shares. Additionally, 55 investors decreased positions by around 42,882,026 shares, while 40 investors held positions by with 53,898,368 shares. The mentioned changes placed institutional holdings at 128,386,380 shares, according to the latest SEC report filing. RIGL stock had 21 new institutional investments in for a total of 10,564,219 shares, while 21 institutional investors sold positions of 7,274,637 shares during the same period.


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