Rigel Pharmaceuticals (NASDAQ:RIGL) Trading Up 4.8% Following Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares shot up 4.8% during mid-day trading on Thursday after Piper Sandler raised their price target on the stock from $15.00 to $23.00. Piper Sandler currently has a neutral rating on the stock. Rigel Pharmaceuticals traded as high as $28.90 and last traded at $28.73. 100,289 shares were traded during mid-day trading, a decline of 37% from the average session volume of 160,428 shares. The stock had previously closed at $27.41.

A number of other equities research analysts have also recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $31.30.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its stake in shares of Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after acquiring an additional 49,223 shares during the period. Vanguard Group Inc. increased its position in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after purchasing an additional 414,207 shares during the period. Acadian Asset Management LLC raised its stake in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after buying an additional 843,419 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter valued at approximately $2,012,000. Finally, CM Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 17.6% in the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after buying an additional 300,000 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

The stock has a 50 day moving average of $15.85 and a two-hundred day moving average of $12.24. The stock has a market capitalization of $483.71 million, a PE ratio of 196.14 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.