Rigel Pharmaceuticals (NASDAQ:RIGL) Rating Lowered to “Buy” at StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Thursday.

Other analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd. B. Riley boosted their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. 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. Cantor Fitzgerald boosted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $23.06 on Thursday. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The company has a market cap of $406.20 million, a PE ratio of 164.73 and a beta of 1.34. The stock’s 50 day moving average price is $19.79 and its 200 day moving average price is $18.18.

Insider Transactions at Rigel Pharmaceuticals

In related news, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP David A. Santos sold 2,125 shares of the 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 trade represents a 3.82 % 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 three months. 9.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Rigel Pharmaceuticals during the fourth quarter worth about $676,000. Soleus Capital Management L.P. lifted its position in Rigel Pharmaceuticals by 21.0% during the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after buying an additional 195,891 shares during the period. Squarepoint Ops LLC lifted its position in Rigel Pharmaceuticals by 40.1% during the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock worth $1,067,000 after buying an additional 18,159 shares during the period. Two Sigma Advisers LP lifted its position in Rigel Pharmaceuticals by 63.0% during the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock worth $1,062,000 after buying an additional 24,400 shares during the period. Finally, Two Sigma Investments LP purchased a new position in Rigel Pharmaceuticals during the fourth quarter worth about $1,025,000. 66.23% of the stock is currently 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.