Vanguard Group Inc. Has $18.50 Million Stake in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Vanguard Group Inc. increased its stake in Rigel Pharmaceuticals by 1.5% during the first quarter, now owning 1,028,072 shares valued at approximately $18.50 million.
• Analysts have raised Rigel Pharmaceuticals' target price from $23.00 to $32.00, maintaining a "neutral" rating, while the average rating is currently a "Hold" with a consensus target price of $38.20.
• Rigel Pharmaceuticals reported a strong quarterly performance with EPS of $3.28, exceeding analysts' expectations, and a revenue of $101.69 million compared to projected figures of $64.58 million.

Vanguard Group Inc. grew its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,028,072 shares of the biotechnology company's stock after acquiring an additional 15,141 shares during the period. Vanguard Group Inc. owned 5.75% of Rigel Pharmaceuticals worth $18,495,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RIGL. US Bancorp DE lifted its holdings 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 purchasing an additional 1,868 shares during the last quarter. New York State Common Retirement Fund increased its position 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. Wells Fargo & Company MN increased its position 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 worth $145,000 after buying an additional 2,648 shares during the period. Graham Capital Management L.P. acquired a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth $170,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in shares of Rigel Pharmaceuticals in the fourth quarter valued at about $186,000. Institutional investors and hedge funds own 66.23% of the company's stock.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock traded up $0.29 during trading hours on Wednesday, reaching $38.75. 342,750 shares of the stock were exchanged, compared to its average volume of 315,649. The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. Rigel Pharmaceuticals, Inc. has a twelve month low of $12.66 and a twelve month high of $43.72. The company has a market cap of $695.09 million, a P/E ratio of 7.15 and a beta of 1.27. The stock has a 50 day moving average of $26.96 and a two-hundred day moving average of $22.02.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.97 by $1.31. The company had revenue of $101.69 million during the quarter, compared to the consensus estimate 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. Equities analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald raised their price target on shares of 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 given a Hold rating to the company's stock. Based on data from MarketBeat, the company 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.