Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $27.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target raised by stock analysts at B. Riley from $17.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s target price points to a potential upside of 4.41% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. 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 restated a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Citigroup boosted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler increased their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.20.

Rigel Pharmaceuticals Stock Down 0.7 %

Shares of Rigel Pharmaceuticals stock traded down $0.17 during midday trading on Friday, hitting $25.86. The company had a trading volume of 30,321 shares, compared to its average volume of 162,744. The company has a fifty day simple moving average of $19.43 and a 200 day simple moving average of $13.84. The stock has a market cap of $455.39 million, a price-to-earnings ratio of 184.73 and a beta of 1.22. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new position in Rigel Pharmaceuticals during the third quarter valued at approximately $7,148,000. Vanguard Group Inc. increased its holdings in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after purchasing an additional 414,207 shares in the last quarter. FMR LLC lifted its stake in shares of Rigel Pharmaceuticals by 119.4% in the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after purchasing an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rigel Pharmaceuticals by 29.7% during 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 buying an additional 22,443 shares in the last quarter. Finally, PDT Partners LLC acquired a new stake in Rigel Pharmaceuticals during the third quarter valued at $322,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.