Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $49.00 at Citigroup

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price hoisted by Citigroup from $40.00 to $49.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other analysts have also commented on the stock. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald reaffirmed 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 reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Three equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.30.

Rigel Pharmaceuticals Trading Up 0.2 %

Rigel Pharmaceuticals stock opened at $27.46 on Tuesday. Rigel Pharmaceuticals has a 1 year low of $7.48 and a 1 year high of $29.82. The company’s 50-day moving average is $15.85 and its two-hundred day moving average is $12.24. The company has a market cap of $483.57 million, a PE ratio of 196.16 and a beta of 0.96.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. Stonepine Capital Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares in the last quarter. Ground Swell Capital LLC acquired a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at approximately $141,000. Los Angeles Capital Management LLC raised its position in Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares during the last quarter. Bayesian Capital Management LP lifted its stake in Rigel Pharmaceuticals by 167.8% in the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after acquiring an additional 19,100 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Rigel Pharmaceuticals by 1,199.2% during the 3rd 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 last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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.