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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus rating of “Hold” by the five research firms that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $36.20.

Several brokerages have recently commented on RIGL. B. Riley increased their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Citigroup boosted their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, December 10th. Finally, 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, November 14th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in Rigel Pharmaceuticals by 45.0% in 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 last quarter. Franklin Resources Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $193,000. Barclays PLC grew its stake in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after purchasing an additional 16,772 shares during the last quarter. Empire Financial Management Company LLC purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $231,000. Finally, Geode Capital Management LLC raised its position 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 valued at $6,468,000 after purchasing an additional 8,881 shares during the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Up 3.0 %

RIGL opened at $17.32 on Friday. The business’s fifty day simple moving average is $20.58 and its 200 day simple moving average is $15.07. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The stock has a market cap of $305.09 million, a PE ratio of 123.72 and a beta of 1.22.

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.