Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) PT at $34.20

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received an average recommendation of “Hold” from the five ratings firms that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $36.20.

RIGL has been the topic of a number of research analyst reports. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday. Piper Sandler upped their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. B. Riley raised their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Citigroup upped their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIGL. Vanguard Group Inc. lifted its position in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after buying an additional 414,207 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $7,148,000. Geode Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after purchasing an additional 8,881 shares during the last quarter. State Street Corp boosted its position in Rigel Pharmaceuticals by 0.7% during the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after purchasing an additional 2,552 shares during the period. Finally, Stonepine Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares during the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $18.91 on Monday. The firm’s 50 day moving average price is $20.01 and its two-hundred day moving average price is $14.34. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82. The stock has a market cap of $333.10 million, a price-to-earnings ratio of 135.07 and a beta of 1.22.

About Rigel Pharmaceuticals

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.