Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $34.20 Average Target Price from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average rating of “Hold” from the five brokerages that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $36.20.

A number of research analysts have issued reports on the company. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday. Piper Sandler increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter worth $7,148,000. Vanguard Group Inc. lifted its holdings in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after purchasing an additional 414,207 shares during the last quarter. FMR LLC boosted its position in shares of Rigel Pharmaceuticals by 119.4% in the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after purchasing an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares in the last quarter. Finally, PDT Partners LLC acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter worth about $322,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 0.5 %

Shares of NASDAQ:RIGL opened at $18.91 on Monday. The firm’s 50 day moving average is $20.01 and its two-hundred day moving average is $14.34. The firm has a market capitalization of $333.10 million, a P/E ratio of 135.07 and a beta of 1.22. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82.

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.