Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Expected to Rise, Citigroup Analyst Says

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target lifted by equities researchers at Citigroup from $40.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price objective points to a potential upside of 78.77% from the company’s current price.

Several other research firms have also commented on RIGL. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Two research 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 stock. According to MarketBeat, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $33.38.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $27.41 on Tuesday. The company has a market cap of $482.69 million, a price-to-earnings ratio of 195.80 and a beta of 0.96. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The stock has a fifty day moving average price of $15.57 and a 200-day moving average price of $12.13.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at approximately $7,148,000. FMR LLC raised its position in Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after purchasing an additional 26,184 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Rigel Pharmaceuticals by 1,199.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock worth $340,000 after buying an additional 19,391 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after buying an additional 22,443 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in shares of Rigel Pharmaceuticals by 34.5% in the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares during the period. 66.23% of the stock is currently owned by institutional investors.

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.