Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RIGL shares. B. Riley raised their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Cantor Fitzgerald raised their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler lifted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Citigroup increased their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, December 10th. Three equities 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Trading Down 4.1 %

The firm has a market capitalization of $289.59 million, a PE ratio of 117.44 and a beta of 1.21. The firm has a 50 day simple moving average of $20.34 and a 200 day simple moving average of $14.81.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently modified their holdings of RIGL. PDT Partners LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $322,000. Los Angeles Capital Management LLC lifted its position in Rigel Pharmaceuticals by 34.5% during 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 purchasing an additional 19,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Rigel Pharmaceuticals in the third quarter worth approximately $7,148,000. Finally, FMR LLC grew its position in Rigel Pharmaceuticals by 119.4% in 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 period. 66.23% of the stock is owned by hedge funds and other 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.