Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Target Price at $33.38

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received a consensus recommendation of “Hold” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $31.30.

A number of brokerages have commented on RIGL. Citigroup increased their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Empire Financial Management Company LLC bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $231,000. Geode Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after purchasing an additional 8,881 shares during the period. Barclays PLC increased its holdings in Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after purchasing an additional 16,772 shares during the last quarter. State Street Corp increased its holdings 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 purchasing an additional 2,552 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in Rigel Pharmaceuticals in the third quarter valued at about $322,000. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $22.74 on Thursday. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The firm has a market cap of $400.57 million, a P/E ratio of 162.43 and a beta of 0.96. The business’s fifty day moving average is $16.25 and its two-hundred day moving average is $12.44.

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.