Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Consensus Rating of “Hold” by Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned a consensus recommendation of “Hold” from the five ratings firms that are currently 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 1 year price objective among brokers that have covered the stock in the last year is $36.20.

A number of research analysts have recently commented on RIGL shares. Piper Sandler increased their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Citigroup increased their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, December 10th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. 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 period. Stonepine Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 1.3% during the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after acquiring an additional 4,100 shares during the period. JPMorgan Chase & Co. grew its holdings in Rigel Pharmaceuticals by 45.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after acquiring an additional 8,140 shares during the period. Geode Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after acquiring an additional 8,881 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter worth about $193,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $16.25 on Friday. The business has a fifty day moving average price of $20.83 and a two-hundred day moving average price of $15.32. Rigel Pharmaceuticals has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The stock has a market capitalization of $286.24 million, a PE ratio of 116.08 and a beta of 1.31.

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.