Citigroup Raises Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $49.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target increased by research analysts at Citigroup from $40.00 to $49.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s target price indicates a potential upside of 75.50% from the company’s current price.

RIGL has been the topic of several other reports. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.38.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock traded up $2.97 during trading hours on Tuesday, reaching $27.92. 530,387 shares of the company were exchanged, compared to its average volume of 158,662. The stock’s fifty day moving average is $15.00 and its two-hundred day moving average is $11.91. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The company has a market cap of $491.11 million, a price-to-earnings ratio of 199.44 and a beta of 0.96.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Bayesian Capital Management LP lifted its stake in shares of Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after buying an additional 19,100 shares in the last quarter. Ground Swell Capital LLC purchased a new position in Rigel Pharmaceuticals in the 2nd quarter worth approximately $141,000. BNP Paribas Financial Markets lifted its position in Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after acquiring an additional 49,223 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after purchasing an additional 19,094 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

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.