Rigel Pharmaceuticals (NASDAQ:RIGL) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.57 and traded as high as $21.76. Rigel Pharmaceuticals shares last traded at $21.57, with a volume of 194,008 shares traded.

Wall Street Analysts Forecast Growth

RIGL has been the subject of several recent research reports. B. Riley boosted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Piper Sandler upped their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Citigroup upped their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Cantor Fitzgerald upped their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd. Three research 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 MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.20.

Rigel Pharmaceuticals Trading Down 3.6 %

The business has a 50 day moving average price of $19.35 and a 200 day moving average price of $17.69. The company has a market capitalization of $353.78 million, a P/E ratio of 143.51 and a beta of 1.34.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the transaction, the chief executive officer now owns 243,854 shares of the company's stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David A. Santos sold 2,125 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The stock was 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. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders 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 bought and sold shares of RIGL. Assenagon Asset Management S.A. acquired a new position in Rigel Pharmaceuticals during the 3rd quarter worth approximately $7,148,000. Soleus Capital Management L.P. boosted its position in 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 during the last quarter. Renaissance Technologies LLC boosted its position in Rigel Pharmaceuticals by 111.1% during the 4th quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company's stock worth $5,041,000 after acquiring an additional 157,763 shares during the last quarter. JPMorgan Chase & Co. boosted 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 acquiring an additional 154,254 shares during the last quarter. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Rigel Pharmaceuticals by 814.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock worth $2,861,000 after purchasing an additional 151,500 shares in the last quarter. 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.