Rigel Pharmaceuticals (NASDAQ:RIGL) Cut to "Buy" at StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) was downgraded by StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued on Thursday.

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

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Rigel Pharmaceuticals Stock Down 3.0 %

RIGL stock traded down $0.69 during midday trading on Thursday, hitting $22.37. The company's stock had a trading volume of 251,933 shares, compared to its average volume of 236,928. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The firm has a 50-day simple moving average of $19.79 and a 200-day simple moving average of $18.26. The firm has a market capitalization of $394.05 million, a P/E ratio of 159.80 and a beta of 1.34.

Insider Buying and Selling at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, EVP David A. Santos sold 2,125 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares of the company's stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Soleus Capital Management L.P. boosted its stake in shares of Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock worth $19,018,000 after acquiring an additional 195,891 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Rigel Pharmaceuticals by 111.1% during the 4th quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company's stock valued at $5,041,000 after buying an additional 157,763 shares during the last quarter. JPMorgan Chase & Co. increased its position in Rigel Pharmaceuticals by 587.9% during the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after purchasing an additional 154,254 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Rigel Pharmaceuticals by 814.5% during the fourth quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock worth $2,861,000 after buying an additional 151,500 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Rigel Pharmaceuticals during the fourth quarter valued at approximately $2,178,000. 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.