Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Large Drop in Short Interest

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 462,700 shares, a decline of 30.0% from the October 31st total of 661,200 shares. Currently, 2.7% of the company’s stock are sold short. Based on an average daily trading volume, of 198,500 shares, the days-to-cover ratio is currently 2.3 days.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RIGL shares. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Piper Sandler raised their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Citigroup boosted their price objective 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.30.

Rigel Pharmaceuticals Trading Down 1.0 %

RIGL traded down $0.27 during trading on Friday, reaching $27.61. 97,549 shares of the company were exchanged, compared to its average volume of 302,824. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The firm has a 50 day moving average of $18.54 and a 200 day moving average of $13.40. The stock has a market cap of $486.21 million, a P/E ratio of 197.23 and a beta of 0.96.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently modified their holdings of RIGL. State Street Corp lifted its position in Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after purchasing an additional 2,552 shares during the last quarter. Stonepine Capital Management LLC increased its stake in shares of Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rigel Pharmaceuticals by 2.3% during the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after buying an additional 8,881 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth approximately $193,000. Finally, Empire Financial Management Company LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth approximately $231,000. 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.