Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $36.20 Consensus Price Target from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given an average rating of “Hold” by the five brokerages that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $36.20.

Several research firms recently issued reports on RIGL. Piper Sandler raised their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, December 10th. Citigroup boosted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. B. Riley raised their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald lifted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Ground Swell Capital LLC bought a new position in Rigel Pharmaceuticals in the second quarter worth $141,000. Assenagon Asset Management S.A. purchased a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth about $7,148,000. Los Angeles Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after buying an additional 19,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 worth $1,586,000 after acquiring an additional 22,443 shares in the last quarter. Finally, FMR LLC lifted 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 valued at $778,000 after acquiring an additional 26,184 shares during the period. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Up 0.3 %

Shares of Rigel Pharmaceuticals stock opened at $17.38 on Friday. The company’s fifty day simple moving average is $20.65 and its two-hundred day simple moving average is $15.21. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The firm has a market cap of $306.15 million, a PE ratio of 124.15 and a beta of 1.31.

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.