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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average rating of “Hold” from the five analysts that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $36.20.

Several research analysts have recently issued reports on RIGL shares. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Cantor Fitzgerald boosted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. B. Riley boosted their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Citigroup boosted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.

Insider Buying and Selling at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now directly owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock valued at $190,644 in the last ninety days. Insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals during the 4th quarter worth approximately $63,000. Wells Fargo & Company MN increased its position in Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 2,648 shares during the period. SG Americas Securities LLC increased its position in Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 2,827 shares during the period. Graham Capital Management L.P. acquired a new position in Rigel Pharmaceuticals during the 4th quarter worth approximately $170,000. Finally, Integrated Quantitative Investments LLC acquired a new position in Rigel Pharmaceuticals during the 4th quarter worth approximately $181,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

RIGL opened at $23.06 on Friday. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82. The stock has a market capitalization of $406.20 million, a price-to-earnings ratio of 164.73 and a beta of 1.34. The business has a fifty day moving average price of $19.79 and a 200 day moving average price of $18.18.

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.