Rigel Pharmaceuticals (NASDAQ:RIGL) Cut to Buy at StockNews.com

StockNews.com cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a buy rating in a report released on Thursday morning.

RIGL has been the topic of a number of other reports. Citigroup boosted their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, B. Riley upped their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Trading Up 5.9 %

Shares of Rigel Pharmaceuticals stock opened at $23.06 on Thursday. The company’s fifty day simple moving average is $19.79 and its two-hundred day simple moving average is $18.22. The company has a market cap of $406.20 million, a P/E ratio of 164.73 and a beta of 1.34. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82.

Insider Activity at Rigel Pharmaceuticals

In related news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now directly owns 58,969 shares of the company’s stock, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,113 shares of company stock valued at $190,644. 9.04% of the stock is owned by insiders.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Soleus Capital Management L.P. lifted its stake in Rigel Pharmaceuticals by 21.0% during the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after acquiring an additional 195,891 shares during the period. Vanguard Group Inc. lifted its stake in Rigel Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company’s stock valued at $17,038,000 after acquiring an additional 27,640 shares during the period. Geode Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company’s stock valued at $6,764,000 after acquiring an additional 2,388 shares during the period. State Street Corp lifted its stake in Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after acquiring an additional 2,552 shares during the period. Finally, Stonepine Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 1.3% during the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after acquiring an additional 4,100 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.