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

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective hoisted by investment analysts at Piper Sandler from $15.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s target price points to a potential downside of 4.56% from the company’s current price.

RIGL has been the topic of several other research reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Citigroup increased their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.30.

Rigel Pharmaceuticals Trading Down 12.2 %

RIGL stock opened at $24.10 on Thursday. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The firm has a market cap of $424.40 million, a PE ratio of 172.16 and a beta of 0.96. The business’s 50-day moving average price is $16.07 and its two-hundred day moving average price is $12.33.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC grew its position in Rigel Pharmaceuticals by 34.5% in the third 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 in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $7,148,000. BNP Paribas Financial Markets grew its holdings in shares of Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 19,391 shares in the last quarter. PDT Partners LLC bought a new stake in Rigel Pharmaceuticals during the third quarter worth about $322,000. Finally, Stonepine Capital Management LLC raised its holdings in Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after acquiring an additional 4,100 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.