Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Target Price at $36.20

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus rating of “Hold” by the five brokerages that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $36.20.

Several brokerages have recently commented on RIGL. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, December 10th. B. Riley raised their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Piper Sandler raised their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Citigroup raised their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of Rigel Pharmaceuticals by 45.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $193,000. Barclays PLC lifted its position in shares of Rigel Pharmaceuticals by 158.6% during the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after buying an additional 16,772 shares in the last quarter. Empire Financial Management Company LLC bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth approximately $231,000. Finally, Geode Capital Management LLC lifted its position in shares of Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after buying an additional 8,881 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 4.9 %

Shares of Rigel Pharmaceuticals stock opened at $16.25 on Friday. The business has a 50-day moving average price of $20.83 and a two-hundred day moving average price of $15.32. Rigel Pharmaceuticals has a 1-year low of $7.48 and a 1-year high of $29.82. The company has a market cap of $286.24 million, a P/E ratio of 116.08 and a beta of 1.31.

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.