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

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

Other analysts have also recently issued reports about 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. HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.38.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $27.22 on Tuesday. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The firm’s fifty day moving average price is $15.29 and its 200 day moving average price is $12.03. The company has a market capitalization of $479.34 million, a price-to-earnings ratio of 194.44 and a beta of 0.96.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at $2,012,000. Acadian Asset Management LLC raised its stake in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after purchasing an additional 843,419 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the third quarter valued at approximately $7,148,000. Vanguard Group Inc. lifted its stake in shares of Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after purchasing an additional 414,207 shares during the last quarter. Finally, CM Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after acquiring an additional 300,000 shares in 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.