Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Expected to Rise, Citigroup Analyst Says

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price hoisted by research analysts at Citigroup from $40.00 to $49.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price objective would indicate a potential upside of 78.77% from the stock’s previous close.

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

Rigel Pharmaceuticals Trading Up 0.7 %

Shares of Rigel Pharmaceuticals stock opened at $27.41 on Tuesday. The company has a market cap of $482.69 million, a P/E ratio of 195.80 and a beta of 0.96. The business has a 50-day moving average price of $15.57 and a two-hundred day moving average price of $12.13. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 purchasing an additional 414,207 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after acquiring an additional 843,419 shares in the last quarter. CM Management LLC boosted its holdings in Rigel Pharmaceuticals by 17.6% during 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $2,012,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $7,148,000. 66.23% of the stock is currently owned by institutional investors.

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.