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

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average rating of “Hold” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $36.20.

A number of brokerages recently commented on RIGL. B. Riley upped 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. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, December 10th. Cantor Fitzgerald lifted their target price on shares of 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 increased 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. Finally, Citigroup lifted their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL opened at $17.09 on Friday. The stock’s 50-day moving average is $20.74 and its 200 day moving average is $15.31. The company has a market cap of $301.04 million, a PE ratio of 122.08 and a beta of 1.31. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of 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 purchasing an additional 8,140 shares in the last quarter. Franklin Resources Inc. purchased a new position in Rigel Pharmaceuticals during the third quarter valued at $193,000. Barclays PLC boosted its holdings in 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 acquiring an additional 16,772 shares in the last quarter. Empire Financial Management Company LLC purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter worth $231,000. Finally, Geode Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after acquiring an additional 8,881 shares in the last quarter. Institutional investors 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.