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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Moderate Buy” by the four research firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $33.38.

Several research analysts recently weighed in on RIGL shares. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Citigroup upped their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Piper Sandler upped their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday.

Rigel Pharmaceuticals Stock Up 4.2 %

Shares of RIGL stock traded up $1.15 during trading on Thursday, hitting $28.56. The company had a trading volume of 56,074 shares, compared to its average volume of 160,228. The stock’s 50-day moving average is $15.57 and its two-hundred day moving average is $12.13. The stock has a market capitalization of $503.08 million, a price-to-earnings ratio of 204.00 and a beta of 0.96. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RIGL. Bayesian Capital Management LP boosted its stake in shares of Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 19,100 shares during the period. Ground Swell Capital LLC purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter valued at approximately $141,000. BNP Paribas Financial Markets boosted its stake in shares of Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares during the period. FMR LLC boosted its stake in shares of Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after purchasing an additional 26,184 shares during the period. Finally, Los Angeles Capital Management LLC boosted its stake in shares of 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 period. Hedge funds and other 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.