Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Large Growth in Short Interest

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 560,700 shares, an increase of 22.7% from the January 15th total of 456,900 shares. Based on an average trading volume of 301,900 shares, the short-interest ratio is presently 1.9 days. Approximately 3.3% of the company's shares are sold short.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL traded down $0.12 on Wednesday, hitting $20.62. The stock had a trading volume of 142,808 shares, compared to its average volume of 246,169. The business's fifty day moving average price is $19.31 and its 200 day moving average price is $17.67. The stock has a market cap of $363.12 million, a price-to-earnings ratio of 147.30 and a beta of 1.34. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. B. Riley lifted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Piper Sandler boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Finally, Citigroup boosted their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $36.20.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the transaction, the chief financial officer now directly owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David A. Santos sold 2,125 shares of the firm's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the transaction, the executive vice president now directly owns 53,500 shares of the company's stock, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,113 shares of company stock worth $190,644. Company insiders own 9.04% of the company's stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. acquired a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at $63,000. Wells Fargo & Company MN increased its position in shares of Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company's stock worth $145,000 after purchasing an additional 2,648 shares during the last quarter. SG Americas Securities LLC increased its holdings in Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock valued at $159,000 after purchasing an additional 2,827 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth about $170,000. Finally, Integrated Quantitative Investments LLC acquired a new stake in Rigel Pharmaceuticals during the 4th quarter worth approximately $181,000. Institutional investors and hedge funds own 66.23% of the company's stock.

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.