Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Up 4.8% on Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was up 4.8% during trading on Thursday after Piper Sandler raised their price target on the stock from $15.00 to $23.00. Piper Sandler currently has a neutral rating on the stock. Rigel Pharmaceuticals traded as high as $28.90 and last traded at $28.73. Approximately 100,289 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 160,428 shares. The stock had previously closed at $27.41.

Several other research firms have also commented on RIGL. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Citigroup raised their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Finally, StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.30.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. PDT Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $322,000. Stonepine Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 1.3% in the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after buying an additional 4,100 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after buying an additional 19,391 shares during the period. FMR LLC increased its stake in shares of Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after acquiring an additional 26,184 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after acquiring an additional 22,443 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Price Performance

The company’s 50-day moving average is $15.85 and its 200-day moving average is $12.24. The firm has a market capitalization of $483.71 million, a price-to-earnings ratio of 196.14 and a beta of 0.96.

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.