Rigel Pharmaceuticals (NASDAQ:RIGL) Reaches New 12-Month High on Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares hit a new 52-week high during trading on Tuesday after Citigroup raised their price target on the stock from $40.00 to $49.00. Citigroup currently has a buy rating on the stock. Rigel Pharmaceuticals traded as high as $29.82 and last traded at $28.93, with a volume of 329962 shares trading hands. The stock had previously closed at $24.95.

A number of other analysts also recently weighed in on the company. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $33.38.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its holdings in shares of Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after acquiring an additional 49,223 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares during the period. Acadian Asset Management LLC increased its position in shares of Rigel Pharmaceuticals by 18.2% during the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after buying an additional 843,419 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at approximately $2,012,000. Finally, CM Management LLC increased its stake in shares of Rigel Pharmaceuticals by 17.6% in the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after acquiring an additional 300,000 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Up 9.1 %

The stock has a market capitalization of $478.80 million, a PE ratio of 194.44 and a beta of 0.96. The company’s fifty day moving average price is $15.29 and its 200-day moving average price is $12.03.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.