Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Rating Upgraded by StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

RIGL has been the subject of several other reports. HC Wainwright reissued a “buy” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. B. Riley reissued a “neutral” rating and issued a $1.25 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Citigroup increased their price target on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $5.05.

Rigel Pharmaceuticals Trading Up 4.9 %

Shares of Rigel Pharmaceuticals stock traded up $0.07 on Wednesday, hitting $1.49. The stock had a trading volume of 679,932 shares, compared to its average volume of 1,113,268. Rigel Pharmaceuticals has a 52-week low of $0.71 and a 52-week high of $1.96. The stock has a market cap of $261.32 million, a price-to-earnings ratio of -9.93 and a beta of 0.96. The company’s 50 day moving average price is $1.33 and its 200 day moving average price is $1.18.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RIGL. Integrated Wealth Concepts LLC grew its stake in 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 acquiring an additional 10,000 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Rigel Pharmaceuticals by 78.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 21,694 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 9,514 shares during the last quarter. Visionary Wealth Advisors lifted its stake in 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 in the last quarter. State of Wyoming purchased a new position in Rigel Pharmaceuticals during the fourth quarter worth $33,000. Finally, Balyasny Asset Management LLC purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at $34,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.