Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.81 and traded as high as $16.82. Rigel Pharmaceuticals shares last traded at $16.44, with a volume of 490,880 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIGL. Citigroup raised their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler lifted 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. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, December 10th. Three research 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 company’s stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Stock Performance

The business’s 50 day moving average price is $20.38 and its 200-day moving average price is $14.83. The firm has a market cap of $304.03 million, a price-to-earnings ratio of 123.29 and a beta of 1.21.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RIGL. PDT Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at approximately $322,000. Los Angeles Capital Management LLC increased its stake in Rigel Pharmaceuticals by 34.5% during the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after purchasing an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth about $7,148,000. Finally, FMR LLC boosted its holdings in shares of Rigel Pharmaceuticals by 119.4% in the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after buying an additional 26,184 shares during the period. Institutional investors own 66.23% of the company’s stock.

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.