Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Rating of “Moderate Buy” by Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGLGet Free Report) has earned an average recommendation of “Moderate Buy” from the four analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $33.38.

A number of equities analysts have issued reports on RIGL shares. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Citigroup boosted their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Piper Sandler boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday.

View Our Latest Stock Report on Rigel Pharmaceuticals

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RIGL. BNP Paribas Financial Markets lifted its holdings in Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares during the period. Acadian Asset Management LLC increased its position in shares of Rigel Pharmaceuticals by 18.2% during the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after buying an additional 843,419 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rigel Pharmaceuticals during the first quarter valued at about $2,012,000. Finally, CM Management LLC increased its position in shares of Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after buying an additional 300,000 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Performance

RIGL traded up $1.15 during mid-day trading on Thursday, reaching $28.56. 56,074 shares of the stock were exchanged, compared to its average volume of 160,228. The stock has a market capitalization of $503.08 million, a PE ratio of 204.00 and a beta of 0.96. The company 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.

About Rigel Pharmaceuticals

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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.

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