Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $36.20 Average PT from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $36.20.

RIGL has been the subject of several recent analyst reports. Citigroup lifted 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, November 12th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, December 10th. B. Riley increased 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. Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals in the third quarter worth approximately $322,000. Los Angeles Capital Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after buying an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Rigel Pharmaceuticals by 29.7% in the third 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. State Street Corp grew its holdings in shares of Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after acquiring an additional 2,552 shares during the period. Finally, Geode Capital Management LLC increased its position in Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after acquiring an additional 8,881 shares during the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Up 0.3 %

Shares of NASDAQ:RIGL opened at $17.38 on Friday. The stock has a fifty day simple moving average of $20.65 and a two-hundred day simple moving average of $15.21. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The stock has a market capitalization of $306.15 million, a price-to-earnings ratio of 124.15 and a beta of 1.31.

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.