Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Analysts have given Rigel Pharmaceuticals, Inc. an average recommendation of "Hold", with three hold ratings and two buy ratings, and a 12-month price target of $38.20.
• Rigel Pharmaceuticals reported $3.28 earnings per share for the quarter, exceeding expectations and achieving a net margin of 36.51% on revenues of $101.69 million.
• Institutional investors currently hold 66.23% of Rigel Pharmaceuticals' stock, indicating significant interest and confidence in the company's potential.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) has been assigned an average rating of "Hold" from the five research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $38.20.

Separately, Cantor Fitzgerald lifted their price target on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RIGL. Dimensional Fund Advisors LP acquired a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth $288,000. Northern Trust Corp lifted its holdings in shares of Rigel Pharmaceuticals by 1.1% during 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. Jane Street Group LLC lifted its holdings in shares of Rigel Pharmaceuticals by 144.4% during the fourth quarter. Jane Street Group LLC now owns 62,528 shares of the biotechnology company's stock worth $1,052,000 after buying an additional 36,939 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Rigel Pharmaceuticals by 47.1% during the fourth quarter. BNP Paribas Financial Markets now owns 30,901 shares of the biotechnology company's stock worth $520,000 after buying an additional 9,893 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Rigel Pharmaceuticals by 12.3% during the fourth quarter. Bank of America Corp DE now owns 32,166 shares of the biotechnology company's stock worth $541,000 after buying an additional 3,520 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ:RIGL traded up $0.14 on Wednesday, hitting $37.96. The company had a trading volume of 379,177 shares, compared to its average volume of 331,777. Rigel Pharmaceuticals has a 1-year low of $13.01 and a 1-year high of $43.72. The stock has a market cap of $681.00 million, a price-to-earnings ratio of 7.02 and a beta of 1.27. The stock has a 50 day moving average price of $29.77 and a 200 day moving average price of $22.88. 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 (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, 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 firm 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. Analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current 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.