Rigel Pharmaceuticals, Inc. $RIGL Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in Rigel Pharmaceuticals by 64.4%, selling 107,461 shares and now owns only 59,474 shares valued at approximately $1,070,000.
• Other hedge funds, including Armistice Capital and Acadian Asset Management, have increased their stakes in Rigel, reflecting a broader institutional interest as 66.23% of the stock is owned by institutional investors and hedge funds.
• Cantor Fitzgerald raised its target price on Rigel's stock from $23 to $32, maintaining a "neutral" rating, while analysts generally hold a "Hold" rating with an average price target of $38.20.

Goldman Sachs Group Inc. trimmed its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 64.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 59,474 shares of the biotechnology company's stock after selling 107,461 shares during the period. Goldman Sachs Group Inc. owned about 0.33% of Rigel Pharmaceuticals worth $1,070,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Virtus Advisers LLC purchased a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $40,000. 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 worth $92,000 after buying an additional 1,868 shares during the period. 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 worth $100,000 after buying an additional 2,200 shares during the period. AQR Capital Management LLC purchased a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $191,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 buying an additional 1,464 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Down 0.8%

NASDAQ RIGL traded down $0.27 on Monday, hitting $34.45. 994,675 shares of the stock were exchanged, compared to its average volume of 663,449. 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, Inc. has a fifty-two week low of $13.57 and a fifty-two week high of $43.72. The company has a market cap of $618.03 million, a PE ratio of 6.37 and a beta of 1.26. The company has a 50-day moving average price of $32.08 and a 200-day moving average price of $23.58.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The business had revenue of $101.69 million during the quarter, compared to analysts' expectations of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock 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 issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $38.20.

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.