Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.57 and traded as high as $21.76. Rigel Pharmaceuticals shares last traded at $21.57, with a volume of 194,008 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RIGL. Piper Sandler upped their price target 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 lifted their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, B. Riley lifted their price objective on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three 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. According to data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Trading Up 3.4 %

The company’s 50 day moving average is $19.29 and its 200-day moving average is $17.57. The firm has a market capitalization of $379.85 million, a price-to-earnings ratio of 154.08 and a beta of 1.34.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the sale, the chief executive officer now owns 243,854 shares in the company, valued at $5,101,425.68. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock valued at $190,644 over the last ninety days. 9.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. bought a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth $63,000. Wells Fargo & Company MN boosted its position in shares of Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 2,648 shares in the last quarter. SG Americas Securities LLC increased its stake in Rigel Pharmaceuticals by 42.8% in the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after acquiring an additional 2,827 shares during the last quarter. Graham Capital Management L.P. acquired a new position in Rigel Pharmaceuticals during the fourth quarter valued at approximately $170,000. Finally, Integrated Quantitative Investments LLC bought a new stake in Rigel Pharmaceuticals during the fourth quarter worth $181,000. 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.