HC Wainwright Reiterates “Buy” Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

HC Wainwright restated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report report published on Tuesday,Benzinga reports. They currently have a $57.00 price objective on the biotechnology company’s stock.

RIGL has been the topic of several other reports. Piper Sandler increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. B. Riley increased their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Citigroup lifted their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Three 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $16.69 on Tuesday. The company has a fifty day moving average price of $20.94 and a two-hundred day moving average price of $15.53. The stock has a market cap of $293.99 million, a price-to-earnings ratio of 119.22 and a beta of 1.31. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at $7,148,000. FMR LLC lifted its position in shares of Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after buying an additional 26,184 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rigel Pharmaceuticals by 29.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after buying an additional 22,443 shares in the last quarter. PDT Partners LLC bought a new position in Rigel Pharmaceuticals in the third quarter valued at about $322,000. Finally, BNP Paribas Financial Markets raised its stake in Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock worth $340,000 after acquiring an additional 19,391 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.