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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares shot up 4.8% 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 were traded during trading, a decline of 37% from the average session volume of 160,428 shares. The stock had previously closed at $27.41.

RIGL has been the topic of a number of other research reports. 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 research note on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. 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, HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.30.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Ground Swell Capital LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $141,000. PDT Partners LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $322,000. BNP Paribas Financial Markets raised 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 buying an additional 19,391 shares in the last quarter. Barclays PLC raised its position in shares of Rigel Pharmaceuticals by 158.6% during the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after buying an additional 16,772 shares in the last quarter. Finally, Bayesian Capital Management LP raised its position in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 19,100 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Down 12.2 %

The firm’s 50-day moving average price is $16.07 and its 200-day moving average price is $12.33. The stock has a market capitalization of $424.40 million, a PE 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.