Rigel Pharmaceuticals (NASDAQ:RIGL) Sets New 52-Week High After Analyst Upgrade

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price reached a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $40.00 to $49.00. Citigroup currently has a buy rating on the stock. Rigel Pharmaceuticals traded as high as $29.82 and last traded at $28.93, with a volume of 329962 shares. The stock had previously closed at $24.95.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Two 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.38.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in RIGL. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth about $7,148,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares during the period. Los Angeles Capital Management LLC lifted its position 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 worth $1,205,000 after purchasing an additional 19,094 shares during the period. Ground Swell Capital LLC purchased a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth approximately $141,000. Finally, Vanguard Group Inc. lifted its position in shares of Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after purchasing an additional 414,207 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Trading Up 9.1 %

The firm’s 50-day moving average price is $15.00 and its two-hundred day moving average price is $11.91. The stock has a market cap of $478.80 million, a PE ratio of 199.44 and a beta of 0.96.

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.