Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of “Hold” from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned a consensus recommendation of “Hold” from the five analysts that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $36.20.

RIGL has been the subject of several research analyst reports. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, December 10th. Cantor Fitzgerald increased their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. B. Riley raised their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Finally, Citigroup upped their target price 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.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently modified their holdings of RIGL. Ground Swell Capital LLC purchased a new position in Rigel Pharmaceuticals in the second quarter worth about $141,000. Franklin Resources Inc. bought a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $193,000. Empire Financial Management Company LLC purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $231,000. PDT Partners LLC purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $322,000. Finally, BNP Paribas Financial Markets lifted its position in Rigel Pharmaceuticals by 1,199.2% in 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 in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 3.0 %

Shares of NASDAQ RIGL opened at $17.32 on Friday. The firm has a fifty day simple moving average of $20.58 and a two-hundred day simple moving average of $15.07. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82. The firm has a market capitalization of $305.09 million, a PE ratio of 123.72 and a beta of 1.22.

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.