B. Riley Increases Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $27.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price hoisted by equities research analysts at B. Riley from $17.00 to $27.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s price objective indicates a potential upside of 6.09% from the company’s previous close.

RIGL has been the subject of a number of other reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Piper Sandler boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Finally, Citigroup upped their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.20.

Rigel Pharmaceuticals Trading Down 2.2 %

NASDAQ RIGL opened at $25.45 on Friday. The firm’s fifty day simple moving average is $19.62 and its two-hundred day simple moving average is $13.99. The firm has a market capitalization of $448.17 million, a P/E ratio of 181.80 and a beta of 1.22. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. acquired a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $193,000. Empire Financial Management Company LLC acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at about $231,000. Ground Swell Capital LLC purchased a new position in Rigel Pharmaceuticals in the second quarter worth approximately $141,000. PDT Partners LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth $322,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 19,391 shares during the last quarter. Hedge funds and other institutional investors 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.