Rafferty Asset Management LLC Invests $385,000 in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Rafferty Asset Management LLC has initiated a new investment in Rigel Pharmaceuticals by purchasing 21,397 shares valued at approximately $385,000.
• Analysts have raised their price target for Rigel Pharmaceuticals from $23.00 to $32.00, maintaining a "neutral" rating, while the consensus rating is currently "Hold" with an average price target of $38.20.
• Rigel Pharmaceuticals reported a quarterly EPS of $3.28, exceeding estimates significantly and generating revenue of $101.69 million, surpassing expectations of $64.58 million.

Rafferty Asset Management LLC purchased a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 21,397 shares of the biotechnology company's stock, valued at approximately $385,000. Rafferty Asset Management LLC owned approximately 0.12% of Rigel Pharmaceuticals at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RIGL. Rhumbline Advisers increased its position in Rigel Pharmaceuticals by 5.4% during the first quarter. Rhumbline Advisers now owns 26,510 shares of the biotechnology company's stock valued at $477,000 after acquiring an additional 1,367 shares during the last quarter. Northern Trust Corp increased its position in Rigel Pharmaceuticals by 1.1% in the fourth quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company's stock worth $2,453,000 after buying an additional 1,588 shares in the last quarter. US Bancorp DE increased its position in Rigel Pharmaceuticals by 57.4% in 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 in the last quarter. MetLife Investment Management LLC increased its position in Rigel Pharmaceuticals by 19.7% in the fourth quarter. MetLife Investment Management LLC now owns 12,258 shares of the biotechnology company's stock worth $206,000 after buying an additional 2,014 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in Rigel Pharmaceuticals by 65.9% in 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 in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Trading Up 3.0%

Shares of NASDAQ RIGL traded up $1.21 during midday trading on Friday, hitting $41.34. The company's stock had a trading volume of 465,960 shares, compared to its average volume of 849,943. 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's 50 day moving average is $28.25 and its two-hundred day moving average is $22.42. Rigel Pharmaceuticals, Inc. has a 12-month low of $12.66 and a 12-month high of $43.72. The firm has a market cap of $741.52 million, a P/E ratio of 7.64 and a beta of 1.27.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, topping the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%.The company had revenue of $101.69 million for the quarter, compared to the consensus estimate of $64.58 million. 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 EPS for the current year.

Analyst Ratings Changes

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 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 company. According to MarketBeat.com, Rigel Pharmaceuticals presently has an average 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.