Rigel Pharmaceuticals (NASDAQ:RIGL) Reaches New 12-Month High – Time to Buy?

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) reached a new 52-week high during trading on Tuesday . The stock traded as high as $44.88 and last traded at $45.07, with a volume of 258471 shares. The stock had previously closed at $42.51.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. Wall Street Zen cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.20.

Rigel Pharmaceuticals Price Performance

The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $32.65 and its 200-day simple moving average is $27.65. The stock has a market cap of $795.74 million, a PE ratio of 8.10 and a beta of 1.22.

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

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its position in Rigel Pharmaceuticals by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares during the period. AlphaQuest LLC boosted its stake in shares of Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 775 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Rigel Pharmaceuticals by 2.1% during the third quarter. GSA Capital Partners LLP now owns 41,771 shares of the biotechnology company’s stock valued at $1,183,000 after buying an additional 850 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock valued at $204,000 after buying an additional 1,464 shares during the period. Finally, Man Group plc raised its stake in Rigel Pharmaceuticals by 14.6% in the second quarter. Man Group plc now owns 11,772 shares of the biotechnology company’s stock worth $220,000 after buying an additional 1,501 shares in 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.