Analysts Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Target Price at $43.20

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given an average rating of “Hold” by the seven ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $43.20.

A number of research firms have recently weighed in on RIGL. Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, January 14th. Jefferies Financial Group upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price objective for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Zacks Research downgraded Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, January 20th.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of RIGL. LSV Asset Management grew its holdings in Rigel Pharmaceuticals by 390.8% in the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after purchasing an additional 433,382 shares during the period. IFP Advisors Inc boosted its holdings in shares of Rigel Pharmaceuticals by 21.8% in the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock valued at $97,000 after purchasing an additional 405 shares during the last quarter. Profund Advisors LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at $680,000. HighTower Advisors LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at $475,000. Finally, Wakefield Asset Management LLLP acquired a new stake in shares of Rigel Pharmaceuticals during the 4th quarter worth $1,099,000. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $34.41 on Friday. Rigel Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.24. The company has a market capitalization of $624.54 million, a price-to-earnings ratio of 5.58 and a beta of 1.11. The stock has a fifty day moving average of $40.53 and a two-hundred day moving average of $36.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.14 and a current ratio of 2.28.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).