Assenagon Asset Management S.A. Reduces Position in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Assenagon Asset Management S.A. has decreased its stake in Rigel Pharmaceuticals by 54.1%, now owning about 1.34% of the company valued at approximately $4.5 million.
• Cantor Fitzgerald raised their price target for Rigel Pharmaceuticals from $23 to $32, while the stock currently holds a consensus rating of "Hold" with an average target price of $38.20.
• Rigel Pharmaceuticals recently reported a quarterly earnings per share (EPS) of $3.28, significantly surpassing the expected $1.97, indicating a strong financial performance.

Assenagon Asset Management S.A. lessened its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 54.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,005 shares of the biotechnology company's stock after selling 282,776 shares during the quarter. Assenagon Asset Management S.A. owned about 1.34% of Rigel Pharmaceuticals worth $4,495,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Virtus Advisers LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $40,000. US Bancorp DE lifted its position in Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock worth $92,000 after acquiring an additional 1,868 shares during the period. New York State Common Retirement Fund lifted its position in Rigel Pharmaceuticals by 65.9% during the 1st quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company's stock worth $100,000 after acquiring an additional 2,200 shares during the period. AQR Capital Management LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $191,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Rigel Pharmaceuticals by 14.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company's stock worth $204,000 after acquiring an additional 1,464 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald increased their price objective on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of "Hold" and an average target price of $38.20.

Rigel Pharmaceuticals Stock Down 11.0%

RIGL opened at $30.28 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.90. The business has a 50 day simple moving average of $32.61 and a 200-day simple moving average of $23.70. The stock has a market capitalization of $543.22 million, a P/E ratio of 5.60 and a beta of 1.27. Rigel Pharmaceuticals, Inc. has a 12 month low of $13.57 and a 12 month high of $43.72.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, beating the consensus estimate of $1.97 by $1.31. The business had revenue of $101.69 million during the quarter, compared to analysts' expectations of $64.58 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, equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Profile

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.

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