Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of "Hold" from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has been given an average recommendation of "Hold" by the five analysts that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $34.20.

RIGL has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. StockNews.com raised shares of Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. Piper Sandler lifted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. HC Wainwright reissued a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Finally, Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th.

Rigel Pharmaceuticals Trading Down 6.5 %

Rigel Pharmaceuticals stock traded down $1.66 during mid-day trading on Monday, reaching $23.79. The company had a trading volume of 196,900 shares, compared to its average volume of 163,175. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The company has a market cap of $419.06 million, a P/E ratio of 173.00 and a beta of 1.22. The business has a fifty day simple moving average of $19.62 and a 200 day simple moving average of $14.02.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Large investors have recently bought and sold shares of the stock. PDT Partners LLC acquired a new stake in Rigel Pharmaceuticals in the third quarter worth $322,000. Los Angeles Capital Management LLC grew its holdings 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 worth $1,205,000 after purchasing an additional 19,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings 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 worth $1,586,000 after purchasing an additional 22,443 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals in the third quarter worth $7,148,000. Finally, Stonepine Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company's stock worth $5,001,000 after purchasing an additional 4,100 shares during the period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.