Piper Sandler Boosts Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $23.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective upped by investment analysts at Piper Sandler from $15.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s target price suggests a potential downside of 18.93% from the company’s current price.

A number of other equities analysts have also weighed in on RIGL. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Finally, Citigroup increased their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.30.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL traded up $0.96 during trading on Thursday, reaching $28.37. 47,441 shares of the stock traded hands, compared to its average volume of 160,189. The company has a 50-day moving average of $15.57 and a 200-day moving average of $12.13. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The stock has a market capitalization of $499.74 million, a P/E ratio of 202.00 and a beta of 0.96.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Stonepine Capital Management LLC lifted its stake in Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock worth $5,001,000 after purchasing an additional 4,100 shares during the last quarter. Ground Swell Capital LLC purchased a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $141,000. Los Angeles Capital Management LLC lifted 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 worth $1,205,000 after buying an additional 19,094 shares during the last quarter. Bayesian Capital Management LP boosted its stake in Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after buying an additional 19,100 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 19,391 shares during the last quarter. 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.