Cantor Fitzgerald Comments on Rigel Pharmaceuticals, Inc.’s FY2024 Earnings (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Research analysts at Cantor Fitzgerald lifted their FY2024 earnings per share estimates for shares of Rigel Pharmaceuticals in a report issued on Wednesday, May 8th. Cantor Fitzgerald analyst K. Kluska now forecasts that the biotechnology company will earn $0.05 per share for the year, up from their previous estimate of $0.04. Cantor Fitzgerald currently has a “Neutral” rating and a $3.00 target price on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.05) per share.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $29.53 million for the quarter, compared to the consensus estimate of $31.28 million. During the same quarter last year, the firm posted ($0.08) earnings per share.

Several other research firms have also recently issued reports on RIGL. Citigroup lifted their price objective on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday. StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, B. Riley reiterated a “neutral” rating and issued a $1.25 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $5.81.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $1.02 on Friday. The firm’s fifty day moving average is $1.29 and its 200 day moving average is $1.21. The firm has a market cap of $178.91 million, a PE ratio of -8.50 and a beta of 1.06. Rigel Pharmaceuticals has a one year low of $0.71 and a one year high of $1.96.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth $34,000. Allspring Global Investments Holdings LLC boosted its position in shares of Rigel Pharmaceuticals by 28.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 105,067 shares of the biotechnology company’s stock worth $113,000 after acquiring an additional 23,526 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Rigel Pharmaceuticals by 22.0% during the 3rd quarter. Principal Financial Group Inc. now owns 121,938 shares of the biotechnology company’s stock worth $132,000 after acquiring an additional 21,962 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after acquiring an additional 49,223 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 49.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after acquiring an additional 198,712 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

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.