Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

A number of other analysts have also issued reports on RIGL. Citigroup lifted their price target on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a buy rating in a research note on Thursday, March 7th. Cantor Fitzgerald lifted their price target on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. HC Wainwright reiterated a buy rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, B. Riley reiterated a neutral rating and set a $1.25 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $5.05.

Rigel Pharmaceuticals Trading Up 4.9 %

Shares of RIGL opened at $1.49 on Wednesday. Rigel Pharmaceuticals has a 12 month low of $0.71 and a 12 month high of $1.96. The stock’s 50 day moving average is $1.33 and its two-hundred day moving average is $1.18. The firm has a market cap of $261.32 million, a P/E ratio of -9.93 and a beta of 0.96.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its holdings in shares of Rigel Pharmaceuticals by 100.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 20,000 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 10,000 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Rigel Pharmaceuticals by 78.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 21,694 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 9,514 shares during the period. State of Wyoming purchased a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at $33,000. Visionary Wealth Advisors raised its holdings in shares of Rigel Pharmaceuticals by 64.8% in the 2nd quarter. Visionary Wealth Advisors now owns 22,297 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 8,771 shares during the period. Finally, UBS Group AG purchased a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

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.