Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.57 and traded as high as $21.76. Rigel Pharmaceuticals shares last traded at $21.57, with a volume of 194,008 shares changing hands.

Wall Street Analyst Weigh In

RIGL has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. B. Riley raised their price objective on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald raised their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler raised their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Citigroup lifted their price target on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Stock Performance

The stock’s 50-day moving average price is $19.29 and its 200-day moving average price is $17.65. The company has a market capitalization of $363.12 million, a price-to-earnings ratio of 147.30 and a beta of 1.34.

Insider Activity

In other news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the transaction, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now directly owns 58,969 shares of the company’s stock, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,113 shares of company stock worth $190,644. Company insiders own 9.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RIGL. Assenagon Asset Management S.A. purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter worth approximately $7,148,000. Soleus Capital Management L.P. grew its stake in Rigel Pharmaceuticals by 21.0% in the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock worth $19,018,000 after acquiring an additional 195,891 shares during the period. Renaissance Technologies LLC grew its stake in Rigel Pharmaceuticals by 111.1% in the 4th quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company’s stock worth $5,041,000 after acquiring an additional 157,763 shares during the period. JPMorgan Chase & Co. grew its stake in Rigel Pharmaceuticals by 587.9% in the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company’s stock worth $3,036,000 after acquiring an additional 154,254 shares during the period. Finally, Hillsdale Investment Management Inc. grew its stake in Rigel Pharmaceuticals by 814.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company’s stock worth $2,861,000 after acquiring an additional 151,500 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.