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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus rating of “Hold” by the five analysts that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $36.20.

RIGL has been the subject of several recent analyst reports. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Piper Sandler increased their price target on 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 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after purchasing an additional 414,207 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Rigel Pharmaceuticals in the third quarter worth approximately $7,148,000. Geode Capital Management LLC raised its position in Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after acquiring an additional 8,881 shares in the last quarter. State Street Corp lifted its stake in Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after acquiring an additional 2,552 shares during the last quarter. Finally, Stonepine Capital Management LLC increased its stake in shares of Rigel Pharmaceuticals by 1.3% during the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after purchasing an additional 4,100 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $19.53 on Monday. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The stock’s fifty day moving average is $19.90 and its two-hundred day moving average is $14.24. The stock has a market capitalization of $344.02 million, a price-to-earnings ratio of 139.50 and a beta of 1.22.

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.