Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Pass Above 200 Day Moving Average - Should You Sell?

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.81 and traded as high as $16.82. Rigel Pharmaceuticals shares last traded at $16.44, with a volume of 490,880 shares trading hands.

Wall Street Analysts Forecast Growth

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

Rigel Pharmaceuticals Stock Up 5.0 %

The firm has a market cap of $304.03 million, a P/E ratio of 123.29 and a beta of 1.21. The business has a fifty day simple moving average of $20.38 and a 200-day simple moving average of $14.83.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Ground Swell Capital LLC purchased a new stake in Rigel Pharmaceuticals in the second quarter worth about $141,000. Franklin Resources Inc. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $193,000. Empire Financial Management Company LLC purchased a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $231,000. PDT Partners LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at approximately $322,000. Finally, BNP Paribas Financial Markets raised its stake in Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company's stock valued at $340,000 after buying an additional 19,391 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors.

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.