Invesco Ltd. Makes New Investment in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Invesco Ltd. has acquired a new stake in Rigel Pharmaceuticals, purchasing 134,072 shares valued at approximately $2.41 million, which represents 0.75% ownership as of its latest SEC filing.
• Multiple hedge funds, including Soleus Capital Management L.P. and Vanguard Group Inc., have recently adjusted their stakes in Rigel Pharmaceuticals, reflecting increased institutional interest in the biotechnology stock.
• Analyst ratings for Rigel Pharmaceuticals show an upward price target increase by Cantor Fitzgerald from $23.00 to $32.00, with an average rating of "Hold" and a price target of $38.20.

Invesco Ltd. acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 134,072 shares of the biotechnology company's stock, valued at approximately $2,412,000. Invesco Ltd. owned 0.75% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Soleus Capital Management L.P. raised its holdings in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock worth $19,018,000 after purchasing an additional 195,891 shares in the last quarter. Pacer Advisors Inc. bought a new position in Rigel Pharmaceuticals in the first quarter worth $2,026,000. Assenagon Asset Management S.A. raised its holdings in Rigel Pharmaceuticals by 27.3% in the first quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock worth $9,405,000 after purchasing an additional 112,003 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in Rigel Pharmaceuticals in the fourth quarter worth $1,444,000. Finally, Millennium Management LLC purchased a new stake in shares of Rigel Pharmaceuticals in the fourth quarter worth $1,185,000. Hedge funds and other institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock traded up $0.52 during trading hours on Thursday, reaching $40.13. 584,713 shares of the company traded hands, compared to its average volume of 861,647. Rigel Pharmaceuticals, Inc. has a 12-month low of $12.66 and a 12-month high of $43.72. 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 company has a market cap of $719.93 million, a P/E ratio of 7.42 and a beta of 1.27. The firm has a 50-day moving average price of $27.81 and a 200 day moving average price of $22.27.

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

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $38.20.

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.