Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Up 4.8% on Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price rose 4.8% on Thursday after Piper Sandler raised their price target on the stock from $15.00 to $23.00. Piper Sandler currently has a neutral rating on the stock. Rigel Pharmaceuticals traded as high as $28.90 and last traded at $28.73. Approximately 100,289 shares changed hands during trading, a decline of 37% from the average daily volume of 160,428 shares. The stock had previously closed at $27.41.

A number of other brokerages have also weighed in on RIGL. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Finally, Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday. Three research 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.30.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RIGL. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Rigel Pharmaceuticals during the first quarter worth approximately $2,012,000. Acadian Asset Management LLC raised its stake in shares of Rigel Pharmaceuticals by 18.2% during the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after acquiring an additional 843,419 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Rigel Pharmaceuticals during the third quarter worth approximately $7,148,000. Vanguard Group Inc. raised its stake 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 worth $13,864,000 after acquiring an additional 414,207 shares in the last quarter. Finally, CM Management LLC raised its stake in shares of Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after acquiring an additional 300,000 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Price Performance

The firm’s 50 day simple moving average is $15.57 and its 200 day simple moving average is $12.13. The stock has a market capitalization of $507.14 million, a PE ratio of 204.00 and a beta of 0.96.

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.