Rigel Pharmaceuticals’ (RIGL) Buy Rating Reaffirmed at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $57.00 price target on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 216.49% from the company’s current price.

A number of other brokerages have also commented on RIGL. Cantor Fitzgerald boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. B. Riley raised their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Piper Sandler lifted their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Finally, Citigroup increased their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL opened at $18.01 on Tuesday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The business’s 50 day simple moving average is $20.98 and its two-hundred day simple moving average is $15.59. The firm has a market cap of $317.25 million, a P/E ratio of 128.65 and a beta of 1.31.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIGL. JPMorgan Chase & Co. increased its position in Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth $193,000. Barclays PLC increased its holdings in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after acquiring an additional 16,772 shares during the last quarter. Empire Financial Management Company LLC bought a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at about $231,000. Finally, Geode Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after purchasing an additional 8,881 shares during the last quarter. 66.23% of the stock is currently 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.