Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL – Get Rating) benefited from a significant drop in short-term interest rates in October. As of October 31, there was short interest totaling 5,960,000 shares, down 16.9% from the total of 7,170,000 shares as of October 15. Based on an average daily volume of 3,160,000 shares, the day-to-cover ratio is currently 1.9 days.
Analyst upgrades and downgrades
A number of brokerages have recently released reports on RIGL. HC Wainwright raised its price target on Rigel Pharmaceuticals from $7.00 to $15.00 and gave the company a “buy” rating in a Thursday, August 18 report. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report released Saturday. BMO Capital Markets cut its price target on Rigel Pharmaceuticals from $4.00 to $3.00 and set an “outperform” rating for the company in a Friday, Nov. 4 research note. Citigroup raised its price target on Rigel Pharmaceuticals to $1.50 in a Tuesday, August 9 research note. Finally, Piper Sandler raised her price target on Rigel Pharmaceuticals from $1.00 to $2.00 and gave the company a “neutral” rating in a Tuesday, August 16 research note. Five research analysts gave the stock a hold rating and three gave the stock a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.96.
Institutional investors weigh in on Rigel Pharmaceuticals
Large investors have recently changed their stock holdings. Mackenzie Financial Corp increased its stake in shares of Rigel Pharmaceuticals by 74.9% during the second quarter. Mackenzie Financial Corp now owns 34,933 shares of the biotech company worth $39,000 after buying 14,964 more shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Rigel Pharmaceuticals by 111.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 34,936 shares of the biotech company worth $41,000 after acquiring an additional 18,421 shares during the period. BNP Paribas Arbitrage SA increased its stake in Rigel Pharmaceuticals by 158.5% during the second quarter. BNP Paribas Arbitrage SA now owns 36,036 shares of the biotech company worth $41,000 after acquiring an additional 22,096 shares during the period. Teacher Retirement System of Texas increased its stake in Rigel Pharmaceuticals by 106.9% during the third quarter. Teacher Retirement System of Texas now owns 56,347 shares of the biotech company worth $66,000 after acquiring 29,108 additional shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in Rigel Pharmaceuticals by 308.2% during the second quarter. Cubist Systematic Strategies LLC now owns 74,675 shares of the biotech company worth $84,000 after acquiring an additional 56,380 shares during the period. Hedge funds and other institutional investors own 80.94% of the company’s shares.
Performance of Rigel Pharmaceuticals shares
Shares of Rigel Pharmaceuticals opened at $0.78 on Friday. Rigel Pharmaceuticals has a 12-month low of $0.64 and a 12-month high of $3.52. The company has a debt ratio of 4.39, a quick ratio of 2.08 and a current ratio of 2.34. The company has a 50-day simple moving average of $1.02 and a 200-day simple moving average of $1.35.
Rigel Pharmaceuticals Company Profile
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Rigel Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs to treat blood 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.
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