Jacobs Levy Equity Management Inc. Buys 15,687 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Rigel Pharmaceuticals by 7.8%, now owning approximately 217,776 shares valued at $3.9 million.
• Rigel Pharmaceuticals reported a quarterly earnings per share (EPS) of $3.28, significantly exceeding the consensus estimate of $1.97, with revenues of $101.69 million.
• Analyst Cantor Fitzgerald raised the target price for Rigel Pharmaceuticals from $23.00 to $32.00, indicating a neutral rating for the stock.

Jacobs Levy Equity Management Inc. boosted its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 217,776 shares of the biotechnology company's stock after acquiring an additional 15,687 shares during the period. Jacobs Levy Equity Management Inc. owned 1.22% of Rigel Pharmaceuticals worth $3,918,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Virtus Advisers LLC bought a new position in Rigel Pharmaceuticals during the first quarter worth about $40,000. US Bancorp DE boosted its holdings in Rigel Pharmaceuticals by 57.4% during the first 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 last quarter. New York State Common Retirement Fund boosted its holdings in Rigel Pharmaceuticals by 65.9% during the first 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 last quarter. Graham Capital Management L.P. bought a new position in Rigel Pharmaceuticals during the fourth quarter worth about $170,000. Finally, Sherbrooke Park Advisers LLC bought a new position in Rigel Pharmaceuticals during the fourth quarter worth about $186,000. Institutional investors own 66.23% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $38.20.

Rigel Pharmaceuticals Stock Up 0.4%

Shares of NASDAQ RIGL traded up $0.14 during mid-day trading on Friday, reaching $37.96. 379,177 shares of the company's stock were exchanged, compared to its average volume of 331,777. The firm has a market capitalization of $681.00 million, a price-to-earnings ratio of 7.02 and a beta of 1.27. The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $29.77 and a 200 day simple moving average of $22.88. Rigel Pharmaceuticals, Inc. has a twelve month low of $13.01 and a twelve month high of $43.72.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released 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 company had revenue of $101.69 million for the quarter, compared to analyst estimates 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. As a group, equities analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

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.