Rigel Pharmaceuticals (NASDAQ:RIGL) Share Price Crosses Above 200 Day Moving Average of $11.31

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.31 and traded as high as $14.11. Rigel Pharmaceuticals shares last traded at $13.63, with a volume of 64,147 shares changing hands.

Wall Street Analyst Weigh In

RIGL has been the subject of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, July 5th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.13.

Rigel Pharmaceuticals Price Performance

The business has a 50-day moving average of $11.82 and a 200-day moving average of $11.34. The firm has a market cap of $242.04 million, a price-to-earnings ratio of -11.42 and a beta of 0.93.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.31. The company had revenue of $36.84 million for the quarter, compared to analyst estimates of $32.38 million. During the same period last year, the firm earned ($0.40) EPS. As a group, equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently bought and sold shares of RIGL. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Rigel Pharmaceuticals in the first quarter valued at $2,012,000. Acadian Asset Management LLC boosted its holdings in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after buying an additional 843,419 shares during the period. Vanguard Group Inc. grew its stake in Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares during the last quarter. CM Management LLC raised its holdings in Rigel Pharmaceuticals by 17.6% in the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after acquiring an additional 300,000 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in Rigel Pharmaceuticals by 49.1% during the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after acquiring an additional 198,712 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.