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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Hold” by the five research firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $36.20.

Several research firms have 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 report on Thursday, November 14th. Citigroup boosted their target price on 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 target on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. B. Riley boosted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald upped their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th.

Insider Transactions at Rigel Pharmaceuticals

In other news, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares in the company, valued at $1,119,220. This represents a 3.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dean L. Schorno sold 2,036 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 $42,593.12. Following the completion of the sale, the chief financial officer now directly owns 58,969 shares of the company’s stock, valued at $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. 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 quarter. Company insiders own 9.04% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. purchased a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at $63,000. Wells Fargo & Company MN boosted its position in Rigel Pharmaceuticals by 44.5% during the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 2,648 shares during the last quarter. SG Americas Securities LLC boosted its position in Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 2,827 shares during the last quarter. Graham Capital Management L.P. purchased a new position in Rigel Pharmaceuticals in the fourth quarter valued at about $170,000. Finally, Integrated Quantitative Investments LLC acquired a new position in Rigel Pharmaceuticals in the 4th quarter worth about $181,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $21.39 on Friday. The company has a market capitalization of $376.78 million, a P/E ratio of 152.80 and a beta of 1.34. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82. The company’s 50 day simple moving average is $19.42 and its 200 day simple moving average is $17.96.

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.