Rigel Pharmaceuticals (NASDAQ:RIGL) Given "Buy" Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL - Free Report) in a report published on Tuesday,Benzinga reports. HC Wainwright currently has a $57.00 price target on the biotechnology company's stock.

Several other equities research analysts also recently weighed in on the company. B. Riley raised their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a "neutral" rating in a report on Friday. Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Piper Sandler lifted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Citigroup upped their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Finally, StockNews.com raised Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of Rigel Pharmaceuticals stock traded down $2.60 during trading on Tuesday, reaching $20.56. 576,128 shares of the company's stock were exchanged, compared to its average volume of 165,335. The company has a market cap of $362.16 million, a P/E ratio of 145.86 and a beta of 1.22. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The firm's 50-day moving average price is $19.76 and its 200 day moving average price is $14.12.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at $7,148,000. Vanguard Group Inc. grew its holdings in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company's stock valued at $13,864,000 after buying an additional 414,207 shares in the last quarter. FMR LLC grew its stake 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company's stock valued at $1,586,000 after acquiring an additional 22,443 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter worth approximately $322,000. Hedge funds and other institutional investors 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.