Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $5.05 Average PT from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received a consensus rating of “Hold” from the five brokerages that are 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 1-year price target among analysts that have issued a report on the stock in the last year is $5.05.

Several equities analysts recently weighed in on RIGL shares. StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, March 27th. B. Riley reaffirmed a “neutral” rating and set a $1.25 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, Cantor Fitzgerald raised their price objective on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIGL. Swiss National Bank grew its holdings in Rigel Pharmaceuticals by 8.6% during the first quarter. Swiss National Bank now owns 404,379 shares of the biotechnology company’s stock valued at $1,209,000 after purchasing an additional 31,900 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Rigel Pharmaceuticals by 25.6% during the first quarter. JPMorgan Chase & Co. now owns 95,074 shares of the biotechnology company’s stock valued at $284,000 after purchasing an additional 19,376 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Rigel Pharmaceuticals by 189.7% during the first quarter. MetLife Investment Management LLC now owns 85,710 shares of the biotechnology company’s stock valued at $256,000 after purchasing an additional 56,129 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in Rigel Pharmaceuticals by 5.0% during the first quarter. Panagora Asset Management Inc. now owns 474,603 shares of the biotechnology company’s stock valued at $1,419,000 after purchasing an additional 22,591 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Rigel Pharmaceuticals by 1.8% during the first quarter. Lord Abbett & CO. LLC now owns 4,409,833 shares of the biotechnology company’s stock valued at $13,185,000 after purchasing an additional 77,225 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $1.33 on Friday. The company has a 50 day simple moving average of $1.34 and a 200-day simple moving average of $1.18. The firm has a market capitalization of $233.26 million, a price-to-earnings ratio of -8.87 and a beta of 0.95. Rigel Pharmaceuticals has a 52-week low of $0.71 and a 52-week high of $1.96.

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.