Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Expected to Rise, Piper Sandler Analyst Says

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price hoisted by analysts at Piper Sandler from $15.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s target price indicates a potential downside of 4.56% from the company’s current price.

Several other research analysts also recently issued reports on RIGL. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. 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. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Finally, Citigroup upped their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.30.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL opened at $24.10 on Thursday. The stock has a fifty day moving average price of $16.07 and a two-hundred day moving average price of $12.33. The company has a market cap of $424.40 million, a price-to-earnings ratio of 172.16 and a beta of 0.96. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp lifted its stake in shares of Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after purchasing an additional 2,552 shares during the period. Stonepine Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after buying an additional 4,100 shares during the period. Barclays PLC lifted its stake in Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after buying an additional 16,772 shares during the period. Ground Swell Capital LLC bought a new position in Rigel Pharmaceuticals during the second quarter worth about $141,000. Finally, Los Angeles Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after buying an additional 19,094 shares during the period. 66.23% of the stock is owned by institutional investors.

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.