Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Raised to $38.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price target increased by Cantor Fitzgerald from $32.00 to $38.00 in a research report report published on Wednesday, Marketbeat.com reports. Cantor Fitzgerald currently has a neutral rating on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for Rigel Pharmaceuticals’ FY2025 earnings at $6.89 EPS and FY2026 earnings at $3.80 EPS.

A number of other brokerages have also recently weighed in on RIGL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Zacks Research cut Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $39.83.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $35.19 on Wednesday. The company’s 50 day simple moving average is $32.27 and its 200-day simple moving average is $26.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. Rigel Pharmaceuticals has a 1 year low of $14.63 and a 1 year high of $43.72. The company has a market capitalization of $631.20 million, a price-to-earnings ratio of 6.50 and a beta of 1.22.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.53. The firm had revenue of $69.46 million during the quarter, compared to the consensus estimate of $61.88 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently bought and sold shares of RIGL. AlphaQuest LLC raised its stake in Rigel Pharmaceuticals by 234.8% in the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares in the last quarter. RMG Wealth Management LLC purchased a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $41,000. Virtus Advisers LLC purchased a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at about $40,000. Laurel Wealth Advisors LLC raised its position in shares of Rigel Pharmaceuticals by 1,773.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock worth $53,000 after acquiring an additional 2,660 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

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.