Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report released on Tuesday morning,Benzinga reports. They currently have a $57.00 price objective on the biotechnology company’s stock.

Several other equities analysts have also commented on RIGL. Piper Sandler raised their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Citigroup raised their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. B. Riley boosted their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald raised their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. 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 company. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $17.35 on Tuesday. The firm has a market capitalization of $305.53 million, a P/E ratio of 123.94 and a beta of 1.31. The stock has a 50 day moving average price of $21.04 and a 200-day moving average price of $15.60. 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 have recently added to or reduced their stakes in RIGL. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth $7,148,000. FMR LLC increased its holdings in Rigel Pharmaceuticals by 119.4% in the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after buying an additional 26,184 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after acquiring an additional 22,443 shares during the period. PDT Partners LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $322,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Rigel Pharmaceuticals by 1,199.2% in the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock worth $340,000 after acquiring an additional 19,391 shares during the period. 66.23% of the stock is currently owned by hedge funds and other 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.