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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned an average rating of “Hold” from the five analysts that are currently covering the company, MarketBeat Ratings reports. Three research 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 brokers that have issued ratings on the stock in the last year is $36.20.

A number of analysts have recently weighed in on RIGL shares. B. Riley boosted their price objective on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler lifted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Citigroup increased 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.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was 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 trade represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction that occurred 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 sale, the executive vice president now directly owns 53,500 shares in the company, valued at $1,119,220. The trade was a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,113 shares of company stock worth $190,644 in the last ninety days. Insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $7,148,000. Los Angeles Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 34.5% during the third 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. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares in the last quarter. FMR LLC boosted its holdings in Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after purchasing an additional 26,184 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares during the period. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $21.39 on Friday. The firm has a market cap of $376.78 million, a P/E ratio of 152.80 and a beta of 1.34. The business has a 50 day moving average price of $19.42 and a 200 day moving average price of $17.96. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82.

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.