Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.81 and traded as high as $16.82. Rigel Pharmaceuticals shares last traded at $16.44, with a volume of 490,880 shares changing hands.

Analysts Set New Price Targets

Several research analysts have issued reports on RIGL shares. HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, December 10th. B. Riley boosted their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Citigroup increased their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald upped their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Three 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Stock Down 4.1 %

The firm has a market cap of $289.59 million, a PE ratio of 117.44 and a beta of 1.21. The firm’s fifty day simple moving average is $20.34 and its two-hundred day simple moving average is $14.81.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RIGL. Assenagon Asset Management S.A. purchased a new position in Rigel Pharmaceuticals during the third quarter valued at $7,148,000. FMR LLC lifted its position in shares of Rigel Pharmaceuticals by 119.4% in the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after buying an additional 26,184 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after buying an additional 22,443 shares during the last quarter. PDT Partners LLC purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at approximately $322,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Rigel Pharmaceuticals by 1,199.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 19,391 shares during the last quarter. 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.