Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded to Buy Rating by StockNews.com

StockNews.com lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.

Other equities analysts have also issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. Cantor Fitzgerald boosted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler upped their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Citigroup lifted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, B. Riley increased their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $21.78 on Thursday. The company’s 50 day moving average price is $19.67 and its 200-day moving average price is $18.10. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The company has a market capitalization of $383.65 million, a P/E ratio of 155.58 and a beta of 1.34.

Insiders Place Their Bets

In related news, EVP David A. Santos sold 2,125 shares of the stock in a transaction on 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 directly owns 53,500 shares in the company, valued at $1,119,220. This trade represents a 3.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dean L. Schorno sold 2,036 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now owns 58,969 shares of the company’s stock, valued at $1,233,631.48. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RIGL. Soleus Capital Management L.P. boosted its stake in Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after purchasing an additional 195,891 shares during the last quarter. Squarepoint Ops LLC boosted its position in shares of Rigel Pharmaceuticals by 40.1% during the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after buying an additional 18,159 shares during the last quarter. Two Sigma Advisers LP grew its holdings 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 in the last quarter. Two Sigma Investments LP purchased a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $1,025,000. Finally, Sherbrooke Park Advisers LLC bought a new position in Rigel Pharmaceuticals during the 4th quarter valued at $186,000. Institutional investors own 66.23% of the company’s stock.

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.