HC Wainwright Reiterates “Buy” Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reiterated by HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $57.00 target price on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 233.14% from the company’s current price.

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

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $17.11 on Tuesday. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The business has a 50 day simple moving average of $20.94 and a 200 day simple moving average of $15.53. The stock has a market cap of $301.39 million, a price-to-earnings ratio of 122.22 and a beta of 1.31.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at $7,148,000. Los Angeles Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 34.5% in the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after purchasing an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Rigel Pharmaceuticals by 29.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares during the period. FMR LLC lifted its stake in shares of Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after buying an additional 26,184 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of 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 buying an additional 19,391 shares during the period. 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.