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

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target upped by Citigroup from $40.00 to $49.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $31.30.

Rigel Pharmaceuticals Trading Down 12.2 %

NASDAQ RIGL opened at $24.10 on Tuesday. The business’s 50 day moving average is $16.07 and its two-hundred day moving average is $12.33. The stock has a market capitalization of $424.40 million, a price-to-earnings ratio of 172.16 and a beta of 0.96. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rigel Pharmaceuticals during the 1st quarter worth approximately $2,012,000. Acadian Asset Management LLC grew its holdings in Rigel Pharmaceuticals by 18.2% in the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after buying an additional 843,419 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals during the third quarter worth approximately $7,148,000. Vanguard Group Inc. grew its stake in Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after buying an additional 414,207 shares in the last quarter. Finally, CM Management LLC lifted its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after buying an additional 300,000 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.