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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received a consensus rating of “Hold” from the five analysts that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $31.30.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Ground Swell Capital LLC purchased a new stake in Rigel Pharmaceuticals in the second quarter worth $141,000. PDT Partners LLC bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $322,000. BNP Paribas Financial Markets grew its position in shares of 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 worth $340,000 after buying an additional 19,391 shares during the period. Barclays PLC increased its stake in shares of Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after acquiring an additional 16,772 shares in the last quarter. Finally, Bayesian Capital Management LP lifted its position in 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 acquiring an additional 19,100 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Down 12.2 %

Shares of NASDAQ RIGL opened at $24.10 on Thursday. The firm has a market capitalization of $424.40 million, a P/E ratio of 172.16 and a beta of 0.96. The stock’s 50-day simple moving average is $16.07 and its two-hundred day simple moving average is $12.35. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82.

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.