Rigel Pharmaceuticals (NASDAQ:RIGL) Reaches New 1-Year High Following Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) hit a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $40.00 to $49.00. Citigroup currently has a buy rating on the stock. Rigel Pharmaceuticals traded as high as $29.82 and last traded at $28.93, with a volume of 329962 shares changing hands. The stock had previously closed at $24.95.

RIGL has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $33.38.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after acquiring an additional 414,207 shares during the period. Acadian Asset Management LLC increased its position in shares of Rigel Pharmaceuticals by 18.2% in the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after buying an additional 843,419 shares in the last quarter. CM Management LLC grew its stake in Rigel Pharmaceuticals by 17.6% in the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after acquiring an additional 300,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at approximately $2,012,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter worth approximately $7,148,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

The stock has a market cap of $478.80 million, a P/E ratio of 194.44 and a beta of 0.96. The stock’s 50 day simple moving average is $15.29 and its two-hundred day simple moving average is $12.03.

About Rigel Pharmaceuticals

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.