Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $33.38 Average Target Price from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned a consensus recommendation of “Hold” from the five brokerages that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $31.30.

Several research firms have weighed in on RIGL. HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Piper Sandler raised their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday. Citigroup boosted their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Finally, StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after acquiring an additional 2,552 shares during the period. Stonepine Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 1.3% in the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after purchasing an additional 4,100 shares during the period. Geode Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after buying an additional 8,881 shares in the last quarter. Barclays PLC increased its position in shares of Rigel Pharmaceuticals by 158.6% during the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after buying an additional 16,772 shares during the period. Finally, Ground Swell Capital LLC purchased a new stake in shares of Rigel Pharmaceuticals in the second quarter worth about $141,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $24.10 on Thursday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The business’s 50 day simple moving average is $16.07 and its two-hundred day simple moving average is $12.35. The firm has a market cap of $424.40 million, a P/E ratio of 172.16 and a beta of 0.96.

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.