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

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

Several other research firms have also recently weighed in on RIGL. Cantor Fitzgerald upped their price objective 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. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. 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. Citigroup raised their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.20.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $17.35 on Tuesday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The stock has a fifty day moving average of $21.04 and a 200 day moving average of $15.60. The firm has a market capitalization of $305.53 million, a price-to-earnings ratio of 123.94 and a beta of 1.31.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RIGL. JPMorgan Chase & Co. grew its position in Rigel Pharmaceuticals by 45.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after acquiring an additional 8,140 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $193,000. Barclays PLC increased its stake in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after buying an additional 16,772 shares during the period. Empire Financial Management Company LLC bought a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at $231,000. Finally, Geode Capital Management LLC boosted its position in Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after buying an additional 8,881 shares during the period. Hedge funds and other institutional investors own 66.23% of the company’s stock.

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.