Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Short Interest Down 43.4% in January

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) was the recipient of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 456,900 shares, a decline of 43.4% from the December 31st total of 807,500 shares. Based on an average daily volume of 269,100 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.7% of the company's shares are sold short.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals during the third quarter valued at about $7,148,000. Los Angeles Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company's stock worth $1,205,000 after buying an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company's stock worth $1,586,000 after acquiring an additional 22,443 shares in the last quarter. FMR LLC lifted 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 valued at $778,000 after acquiring an additional 26,184 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake 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 acquiring an additional 19,391 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RIGL shares. HC Wainwright restated a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. B. Riley raised their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Piper Sandler increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. StockNews.com raised shares of Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. Finally, Citigroup upped their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $36.20.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL traded up $1.95 during trading on Wednesday, reaching $22.81. 180,428 shares of the company were exchanged, compared to its average volume of 226,470. The firm has a market capitalization of $401.75 million, a PE ratio of 162.97 and a beta of 1.34. The business's fifty day simple moving average is $20.13 and its 200-day simple moving average is $16.86. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.69. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The company had revenue of $55.31 million for the quarter, compared to analysts' expectations of $40.69 million. During the same period in the prior year, the business earned ($0.30) EPS. On average, sell-side analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

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.