Rigel Pharmaceuticals (NASDAQ:RIGL) Trading 4.8% Higher After Analyst Upgrade

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) traded up 4.8% during mid-day trading 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. 100,289 shares changed hands during trading, a decline of 37% from the average session volume of 160,428 shares. The stock had previously closed at $27.41.

Other equities analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.30.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in RIGL. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Rigel Pharmaceuticals in the 1st quarter worth approximately $2,012,000. Acadian Asset Management LLC grew its position in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after acquiring an additional 843,419 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $7,148,000. Vanguard Group Inc. grew its position in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after acquiring an additional 414,207 shares during the period. Finally, CM Management LLC grew its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after acquiring an additional 300,000 shares during the period. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

The business’s 50-day moving average price is $16.07 and its 200-day moving average price is $12.33. The stock has a market cap of $424.40 million, a P/E ratio of 172.16 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.