Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above Two Hundred Day Moving Average of $11.31

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.31 and traded as high as $14.11. Rigel Pharmaceuticals shares last traded at $13.63, with a volume of 64,147 shares trading hands.

Analysts Set New Price Targets

RIGL has been the subject of a number of analyst reports. StockNews.com raised Rigel Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Friday, July 5th. HC Wainwright reiterated a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $34.88.

Rigel Pharmaceuticals Stock Performance

The company has a 50 day simple moving average of $11.74 and a 200 day simple moving average of $11.33. The company has a market capitalization of $240.37 million, a PE ratio of -11.43 and a beta of 0.93.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.37) by $0.31. The firm had revenue of $36.84 million during the quarter, compared to analysts' expectations of $32.38 million. During the same quarter in the previous year, the business posted ($0.40) EPS. As a group, equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Rigel Pharmaceuticals in the first quarter valued at about $2,012,000. Acadian Asset Management LLC grew its stake in shares of Rigel Pharmaceuticals by 18.2% in the 1st 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. 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 worth $13,864,000 after buying an additional 414,207 shares during the last quarter. CM Management LLC raised its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st 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. Finally, Los Angeles Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 49.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company's stock valued at $893,000 after buying an additional 198,712 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.