Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Cross Above 200-Day Moving Average of $1.19

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.19 and traded as high as $1.27. Rigel Pharmaceuticals shares last traded at $1.23, with a volume of 581,179 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. B. Riley reiterated a “neutral” rating and issued a $1.25 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. StockNews.com lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Cantor Fitzgerald upped their price objective on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 6th. Finally, Citigroup upped their price objective on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $5.81.

Rigel Pharmaceuticals Stock Performance

The firm has a market capitalization of $215.71 million, a price-to-earnings ratio of -8.20 and a beta of 0.95. The company has a 50 day moving average price of $1.34 and a two-hundred day moving average price of $1.19.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its stake in Rigel Pharmaceuticals by 100.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 20,000 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 10,000 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Rigel Pharmaceuticals by 78.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 21,694 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 9,514 shares during the last quarter. State of Wyoming acquired a new stake in shares of Rigel Pharmaceuticals in the 4th quarter worth $33,000. UBS Group AG acquired a new stake in shares of Rigel Pharmaceuticals in the 4th quarter worth $35,000. Finally, Two Sigma Securities LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $38,000. 66.23% of the stock is owned by institutional investors and hedge funds.

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.