Citigroup Forecasts Strong Price Appreciation for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price upped by stock analysts at Citigroup from $40.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s target price points to a potential upside of 75.50% from the company’s current price.

RIGL has been the topic of several other research reports. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Finally, HC Wainwright reissued a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.38.

Rigel Pharmaceuticals Stock Up 11.9 %

Shares of RIGL stock traded up $2.97 during trading on Tuesday, reaching $27.92. The company’s stock had a trading volume of 530,387 shares, compared to its average volume of 158,662. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The business has a fifty day moving average price of $15.00 and a 200-day moving average price of $11.91. The company has a market cap of $491.11 million, a price-to-earnings ratio of 199.44 and a beta of 0.96.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the third quarter worth $7,148,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Rigel Pharmaceuticals by 29.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after acquiring an additional 22,443 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 34.5% in the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after acquiring an additional 19,094 shares during the period. Ground Swell Capital LLC bought a new position in shares of Rigel Pharmaceuticals during the second quarter valued at approximately $141,000. Finally, Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 414,207 shares during the period. Hedge funds and other institutional investors own 66.23% of the company’s stock.

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.