Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $33.38 Average PT from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) have received an average recommendation of "Hold" from the five research firms that are covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $31.30.

A number of brokerages have issued reports on RIGL. Cantor Fitzgerald restated a "neutral" rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a "buy" rating in a report on Tuesday. StockNews.com upgraded Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. HC Wainwright reissued a "buy" rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Finally, Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research report on Thursday.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RIGL. Bayesian Capital Management LP raised its stake in shares of Rigel Pharmaceuticals by 167.8% during the 1st 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 stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth $141,000. PDT Partners LLC purchased a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $322,000. BNP Paribas Financial Markets boosted its holdings 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 buying an additional 19,391 shares in the last quarter. Finally, FMR LLC grew its position in Rigel Pharmaceuticals by 119.4% during the third 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 period. Institutional investors and hedge funds own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

RIGL stock traded up $0.05 during trading 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 52 week low of $7.48 and a 52 week high of $29.82. The stock has a market capitalization of $483.71 million, a price-to-earnings ratio of 196.14 and a beta of 0.96. The business has a fifty day simple moving average of $15.85 and a 200 day simple moving average of $12.24.

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.