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

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price raised by analysts at Cantor Fitzgerald from $32.00 to $38.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 0.20% from the company’s current price.

Other analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Zacks Research downgraded Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $39.40.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock traded up $9.55 during trading hours on Wednesday, hitting $37.93. 1,184,243 shares of the stock traded hands, compared to its average volume of 378,283. The stock has a market capitalization of $680.26 million, a price-to-earnings ratio of 7.02 and a beta of 1.20. Rigel Pharmaceuticals has a 1 year low of $14.47 and a 1 year high of $43.72. The firm’s 50 day moving average price is $32.45 and its 200-day moving average price is $26.00. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.90.

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

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Armistice Capital LLC grew its holdings in shares of Rigel Pharmaceuticals by 5.5% during the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock worth $29,968,000 after purchasing an additional 84,000 shares during the period. Vanguard Group Inc. grew its stake in shares of Rigel Pharmaceuticals by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock valued at $18,495,000 after buying an additional 15,141 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Rigel Pharmaceuticals by 10.3% in the second quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company’s stock valued at $11,664,000 after buying an additional 57,959 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 1.1% in the second quarter. Geode Capital Management LLC now owns 415,607 shares of the biotechnology company’s stock valued at $7,786,000 after buying an additional 4,439 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Rigel Pharmaceuticals by 74.2% in the second quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company’s stock valued at $6,910,000 after purchasing an additional 157,202 shares during the period. 66.23% of the stock is currently 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.