Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $49.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target raised by Citigroup from $40.00 to $49.00 in a report released on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the biotechnology company’s stock.

Other research analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.30.

Rigel Pharmaceuticals Price Performance

Shares of RIGL opened at $27.46 on Tuesday. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The business’s fifty day moving average price is $15.85 and its 200 day moving average price is $12.24. The stock has a market capitalization of $483.57 million, a PE ratio of 196.16 and a beta of 0.96.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RIGL. Ground Swell Capital LLC acquired a new position in Rigel Pharmaceuticals in the second quarter worth about $141,000. PDT Partners LLC bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $322,000. BNP Paribas Financial Markets boosted its stake in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after buying an additional 19,391 shares in the last quarter. Bayesian Capital Management LP raised its stake in Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 19,100 shares in the last quarter. Finally, FMR LLC lifted its holdings 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 acquiring an additional 26,184 shares during the period. 66.23% of the stock is owned by institutional investors.

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.