Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Significant Decline in Short Interest

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) saw a large decline in short interest in November. As of November 15th, there was short interest totalling 462,700 shares, a decline of 30.0% from the October 31st total of 661,200 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 198,500 shares, the short-interest ratio is currently 2.3 days.

Rigel Pharmaceuticals Price Performance

Shares of Rigel Pharmaceuticals stock traded down $0.27 during midday trading on Friday, hitting $27.61. 97,549 shares of the company were exchanged, compared to its average volume of 163,072. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The firm has a market cap of $486.21 million, a P/E ratio of 197.30 and a beta of 0.96. The firm has a 50 day simple moving average of $18.27 and a 200-day simple moving average of $13.25.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Bayesian Capital Management LP grew its stake in shares of Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares during the last quarter. Ground Swell Capital LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at approximately $141,000. Franklin Resources Inc. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at $193,000. Empire Financial Management Company LLC acquired a new position in Rigel Pharmaceuticals in the third quarter valued at $231,000. Finally, PDT Partners LLC acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $322,000. 66.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. 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 note on Tuesday, November 12th. Piper Sandler boosted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Three equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.30.

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.