Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Short Interest Down 30.0% in November

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 462,700 shares, a decline of 30.0% from the October 31st total of 661,200 shares. Based on an average daily volume of 198,500 shares, the days-to-cover ratio is presently 2.3 days. Currently, 2.7% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bayesian Capital Management LP raised its holdings in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 19,100 shares during the period. Ground Swell Capital LLC acquired a new stake in Rigel Pharmaceuticals in the second quarter valued at approximately $141,000. Franklin Resources Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $193,000. Empire Financial Management Company LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth $231,000. Finally, PDT Partners LLC purchased a new position in shares of Rigel Pharmaceuticals in the third quarter valued at $322,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock traded down $0.27 during trading on Friday, reaching $27.61. 97,549 shares of the company’s stock were exchanged, compared to its average volume of 302,824. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The firm has a market cap of $486.21 million, a price-to-earnings ratio of 197.23 and a beta of 0.96. The company’s 50-day moving average is $18.54 and its two-hundred day moving average is $13.40.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIGL. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Citigroup boosted 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. HC Wainwright restated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Finally, Piper Sandler lifted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Three equities 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, the company has a consensus rating of “Moderate Buy” and an average price target of $31.30.

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.