Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Significant Decline in Short Interest

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 462,700 shares, a drop of 30.0% from the October 31st total of 661,200 shares. Based on an average daily volume of 198,500 shares, the short-interest ratio is presently 2.3 days. Approximately 2.7% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIGL. Vanguard Group Inc. lifted its position in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after acquiring an additional 414,207 shares during the period. Bayesian Capital Management LP lifted its position in Rigel Pharmaceuticals by 167.8% during the 1st 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 during the period. Ground Swell Capital LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter worth about $141,000. Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter worth about $7,148,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Down 1.0 %

Shares of RIGL stock traded down $0.27 on Friday, reaching $27.61. 97,549 shares of the company’s stock were exchanged, compared to its average volume of 163,072. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The stock has a market capitalization of $486.21 million, a PE ratio of 197.30 and a beta of 0.96. The company’s fifty day simple moving average is $18.27 and its 200 day simple moving average is $13.25.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RIGL shares. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler lifted 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. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note 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 report on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $31.30.

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.