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

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

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

Insiders Place Their Bets

In related news, EVP David A. Santos sold 2,125 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares of the company’s stock, valued at $1,119,220. This represents a 3.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the sale, the chief executive officer now owns 243,854 shares in the company, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,113 shares of company stock worth $190,644 in the last 90 days. Corporate insiders own 9.04% of the company’s stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Soleus Capital Management L.P. lifted its position in shares of Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after buying an additional 195,891 shares during the last quarter. Squarepoint Ops LLC lifted its position in Rigel Pharmaceuticals by 40.1% in the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company’s stock valued at $1,067,000 after acquiring an additional 18,159 shares during the last quarter. Two Sigma Advisers LP lifted its position in Rigel Pharmaceuticals by 63.0% in the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company’s stock valued at $1,062,000 after acquiring an additional 24,400 shares during the last quarter. Two Sigma Investments LP acquired a new position in Rigel Pharmaceuticals in the fourth quarter valued at $1,025,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth about $186,000. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Down 3.6 %

Shares of Rigel Pharmaceuticals stock opened at $20.09 on Friday. The firm has a market cap of $353.78 million, a PE ratio of 143.51 and a beta of 1.34. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The business’s fifty day simple moving average is $19.37 and its 200-day simple moving average is $17.77.

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.