Charles Schwab Investment Management Inc. Sells 11,070 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Rigel Pharmaceuticals by 14.3%, selling 11,070 shares to hold a total of 66,337 shares worth approximately $1.19 million.
• Rigel Pharmaceuticals reported strong quarterly earnings with an EPS of $3.28, exceeding analysts' estimates by $1.31, and generated $101.69 million in revenue.
• Analysts have mixed ratings for Rigel Pharmaceuticals, with two ratings as Buy, three as Hold, and a revised price objective set at $32.00 by Cantor Fitzgerald.

Charles Schwab Investment Management Inc. trimmed its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,337 shares of the biotechnology company's stock after selling 11,070 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.37% of Rigel Pharmaceuticals worth $1,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of RIGL. US Bancorp DE increased its stake in Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock valued at $92,000 after purchasing an additional 1,868 shares in the last quarter. New York State Common Retirement Fund increased its stake 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 valued at $100,000 after purchasing an additional 2,200 shares in the last quarter. Wells Fargo & Company MN increased its stake in Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company's stock valued at $145,000 after purchasing an additional 2,648 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Rigel Pharmaceuticals during the 4th quarter valued at about $170,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in Rigel Pharmaceuticals during the 4th quarter valued at about $186,000. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $38.85 on Tuesday. The company has a 50 day moving average price of $26.57 and a 200-day moving average price of $21.90. Rigel Pharmaceuticals, Inc. has a 52 week low of $12.66 and a 52 week high of $43.72. The firm has a market capitalization of $696.97 million, a PE ratio of 7.18 and a beta of 1.26. 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 (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, topping analysts' consensus estimates of $1.97 by $1.31. The firm had revenue of $101.69 million during the quarter, compared to analyst estimates of $64.58 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. As a group, equities research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Analyst Ratings Changes

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

Rigel Pharmaceuticals Company 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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