Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGLGet Rating) from a buy rating to a hold rating in a research report report published on Friday.

Several other equities research analysts have also recently commented on the company. BMO Capital Markets lowered their target price on Rigel Pharmaceuticals from $4.00 to $3.00 and set an outperform rating for the company in a report on Friday. Citigroup raised their price objective on shares of Rigel Pharmaceuticals to $1.50 in a research report on Tuesday, August 9th. Piper Sandler boosted their target price on shares of Rigel Pharmaceuticals from $1.00 to $2.00 and gave the company a neutral rating in a research report on Tuesday, August 16th. Finally, HC Wainwright raised their price target on shares of Rigel Pharmaceuticals from $7.00 to $15.00 and gave the stock a buy rating in a report on Thursday, August 18th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Rigel Pharmaceuticals presently has an average rating of Hold and an average target price of $3.96.

Rigel Pharmaceuticals Stock Performance

Shares of Rigel Pharmaceuticals stock opened at $0.75 on Friday. The company has a market cap of $128.95 million, a P/E ratio of -1.55 and a beta of 1.30. The company has a current ratio of 2.19, a quick ratio of 2.08 and a debt-to-equity ratio of 4.39. The business has a 50-day moving average price of $1.09 and a two-hundred day moving average price of $1.40. Rigel Pharmaceuticals has a 1-year low of $0.64 and a 1-year high of $3.52.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIGL. Mackenzie Financial Corp increased its position in shares of Rigel Pharmaceuticals by 74.9% during the second quarter. Mackenzie Financial Corp now owns 34,933 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 14,964 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Rigel Pharmaceuticals by 111.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,936 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 18,421 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in Rigel Pharmaceuticals by 158.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 36,036 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 22,096 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of Rigel Pharmaceuticals in the first quarter worth approximately $49,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Rigel Pharmaceuticals by 106.9% in the third quarter. Teacher Retirement System of Texas now owns 56,347 shares of the biotechnology company’s stock valued at $66,000 after purchasing an additional 29,108 shares in the last quarter. 80.94% of the stock is owned by institutional investors.

About Rigel Pharmaceuticals

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Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

Further Reading

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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