Franklin Resources Inc. Acquires Shares of 12,766 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Franklin Resources Inc. bought a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 12,766 shares of the biotechnology company’s stock, valued at approximately $193,000.

Other hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its stake in Rigel Pharmaceuticals by 158.6% during the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after purchasing an additional 16,772 shares during the last quarter. Empire Financial Management Company LLC acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $231,000. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 8,881 shares during the last quarter. State Street Corp boosted its holdings in shares of Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after buying an additional 2,552 shares during the period. Finally, PDT Partners LLC bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $322,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, December 10th. Cantor Fitzgerald boosted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler increased their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. B. Riley boosted their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Three equities 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, the company has an average rating of “Moderate Buy” and an average price target of $36.20.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $17.32 on Friday. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82. The stock has a market cap of $305.09 million, a price-to-earnings ratio of 123.72 and a beta of 1.22. The business has a fifty day moving average of $20.58 and a 200-day moving average of $15.07.

Rigel Pharmaceuticals 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.