Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $23.00 at Piper Sandler

Rigel Pharmaceuticals (NASDAQ:RIGL - Free Report) had its price objective lifted by Piper Sandler from $15.00 to $23.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company's stock.

RIGL has been the topic of several other research reports. StockNews.com raised Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. HC Wainwright restated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Finally, Citigroup upped their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a "buy" rating in a report on Tuesday. Three investment 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 stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $31.30.

Rigel Pharmaceuticals Stock Up 0.2 %

Shares of RIGL stock traded up $0.05 during trading hours on Thursday, hitting $27.46. 352,418 shares of the company's stock traded hands, compared to its average volume of 161,569. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The stock's fifty day simple moving average is $15.57 and its two-hundred day simple moving average is $12.13. The stock has a market cap of $483.71 million, a price-to-earnings ratio of 204.00 and a beta of 0.96.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Bayesian Capital Management LP increased its position in Rigel Pharmaceuticals by 167.8% in the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company's stock valued at $45,000 after acquiring an additional 19,100 shares during the period. Ground Swell Capital LLC purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter worth approximately $141,000. PDT Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $322,000. BNP Paribas Financial Markets grew its position in 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 buying an additional 19,391 shares during the last quarter. Finally, FMR LLC raised its position in 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. 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.