By otakuyassine3@gmail.com 
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Free Report) was the target of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 456,900 shares, a decrease of 43.4% from the December 31st total of 807,500 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average trading volume of 269,100 shares, the days-to-cover ratio is presently 1.7 days.
Institutional Investors Weigh In On Rigel Pharmaceuticals
Hedge funds and other institutional investors have recently bought and sold shares of the business. PDT Partners LLC bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $322,000. Los Angeles Capital Management LLC grew its stake in Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after buying an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after buying an additional 22,443 shares during the last quarter. Barclays PLC grew its stake in Rigel Pharmaceuticals by 158.6% during the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after buying an additional 16,772 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Rigel Pharmaceuticals by 45.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.
Rigel Pharmaceuticals Price Performance
NASDAQ:RIGL traded down $0.95 during mid-day trading on Friday, reaching $21.65. The company’s stock had a trading volume of 139,158 shares, compared to its average volume of 207,109. The stock has a market cap of $381.26 million, a P/E ratio of 154.65 and a beta of 1.31. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82. The company’s fifty day simple moving average is $20.35 and its two-hundred day simple moving average is $16.70.
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.69. The business had revenue of $55.31 million for the quarter, compared to analyst estimates of $40.69 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. During the same period in the previous year, the company posted ($0.30) EPS. Sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
RIGL has been the subject of several recent research reports. Citigroup increased their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. Piper Sandler increased their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, B. Riley increased their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.
Read Our Latest Stock Analysis on Rigel Pharmaceuticals
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.
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