Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) PT at $36.20

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has received an average recommendation of "Hold" from the five ratings firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $36.20.

Several brokerages recently issued reports on RIGL. Piper Sandler upped their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. B. Riley boosted their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. HC Wainwright reaffirmed a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday, December 10th. Cantor Fitzgerald boosted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Finally, StockNews.com upgraded Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Friday, October 18th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. purchased a new position in Rigel Pharmaceuticals during the third quarter worth about $193,000. Empire Financial Management Company LLC purchased a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $231,000. Ground Swell Capital LLC purchased a new position in shares of Rigel Pharmaceuticals during the 2nd quarter worth approximately $141,000. PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $322,000. Finally, BNP Paribas Financial Markets raised its position in Rigel Pharmaceuticals by 1,199.2% in the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company's stock valued at $340,000 after purchasing an additional 19,391 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Up 0.3 %

RIGL traded up $0.06 on Friday, hitting $17.38. 145,797 shares of the company's stock were exchanged, compared to its average volume of 186,249. The firm has a 50-day moving average price of $20.58 and a 200-day moving average price of $15.07. The stock has a market cap of $306.15 million, a price-to-earnings ratio of 124.15 and a beta of 1.22. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82.

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.