Short Interest in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Rises By 27.1%

by · The Cerbat Gem

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Free Report) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 807,500 shares, an increase of 27.1% from the December 15th total of 635,400 shares. Currently, 4.7% of the company’s shares are sold short. Based on an average daily trading volume, of 243,900 shares, the days-to-cover ratio is currently 3.3 days.

Rigel Pharmaceuticals Stock Up 16.0 %

Shares of RIGL traded up $2.78 during trading on Friday, reaching $20.13. 584,497 shares of the company traded hands, compared to its average volume of 254,690. The stock has a 50-day simple moving average of $21.08 and a 200-day simple moving average of $15.62. Rigel Pharmaceuticals has a twelve month low of $7.48 and a twelve month high of $29.82. The stock has a market cap of $354.59 million, a PE ratio of 143.80 and a beta of 1.31.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its stake in Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 2,827 shares in the last quarter. Franklin Resources Inc. acquired a new position in Rigel Pharmaceuticals during the 3rd quarter worth about $193,000. Empire Financial Management Company LLC acquired a new position in Rigel Pharmaceuticals during the 3rd quarter worth about $231,000. PDT Partners LLC purchased a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $322,000. Finally, BNP Paribas Financial Markets grew its position in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 19,391 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. 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. Finally, B. Riley increased their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

View Our Latest Stock Report on RIGL

About Rigel Pharmaceuticals

(Get Free Report)

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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