Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average rating of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $43.20.

A number of research firms have weighed in on RIGL. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their target price for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Wall Street Zen downgraded Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Zacks Research raised Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 5th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $46.22 on Monday. The company has a fifty day simple moving average of $32.82 and a 200-day simple moving average of $27.98. The firm has a market capitalization of $838.94 million, a price-to-earnings ratio of 8.54 and a beta of 1.22. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. Rigel Pharmaceuticals has a 52-week low of $14.63 and a 52-week high of $47.26.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.53. The firm had revenue of $69.46 million for 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. On average, equities analysts anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Armistice Capital LLC boosted its holdings in Rigel Pharmaceuticals by 31.6% in the 1st quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock valued at $27,273,000 after purchasing an additional 364,000 shares during the last quarter. Marshall Wace LLP raised its position in shares of Rigel Pharmaceuticals by 63.0% during the 3rd quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock valued at $17,036,000 after buying an additional 232,383 shares during the period. Qube Research & Technologies Ltd lifted its holdings in Rigel Pharmaceuticals by 110.6% in the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock valued at $10,226,000 after acquiring an additional 189,542 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Rigel Pharmaceuticals by 50.1% in the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock valued at $10,161,000 after acquiring an additional 188,679 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in Rigel Pharmaceuticals by 474.6% in the third quarter. Two Sigma Investments LP now owns 220,298 shares of the biotechnology company’s stock worth $6,241,000 after acquiring an additional 181,956 shares during the period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.