Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Sees Significant Drop in Short Interest

Key Points

• Rigel Pharmaceuticals experienced a 20.7% decrease in short interest from July to August, with 1,990,000 shares sold short as of August 15th.
• Analysts at Cantor Fitzgerald have raised their price target for Rigel Pharmaceuticals from $23.00 to $32.00 while giving the stock a "neutral" rating.
• In their latest quarterly report, Rigel Pharmaceuticals posted earnings of $3.28 per share, significantly exceeding analyst expectations of $1.97, alongside a revenue of $101.69 million.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) saw a large decrease in short interest during the month of August. As of August 15th, there was short interest totaling 1,990,000 shares, adecreaseof20.7% from the July 31st total of 2,510,000 shares. Currently,11.4% of the company's shares are sold short. Based on an average trading volume of 413,100 shares, the days-to-cover ratio is currently 4.8 days. Based on an average trading volume of 413,100 shares, the days-to-cover ratio is currently 4.8 days. Currently,11.4% of the company's shares are sold short.

Analyst Ratings Changes

Separately, Cantor Fitzgerald upped their price objective on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $38.20.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC boosted its position in Rigel Pharmaceuticals by 5.5% during the second quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company's stock valued at $29,968,000 after purchasing an additional 84,000 shares in the last quarter. Soleus Capital Management L.P. boosted its position in Rigel Pharmaceuticals by 21.0% during the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock valued at $19,018,000 after purchasing an additional 195,891 shares in the last quarter. Vanguard Group Inc. boosted its position in Rigel Pharmaceuticals by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company's stock valued at $18,495,000 after purchasing an additional 15,141 shares in the last quarter. Acadian Asset Management LLC boosted its position in Rigel Pharmaceuticals by 10.3% during the second quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company's stock valued at $11,664,000 after purchasing an additional 57,959 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Rigel Pharmaceuticals by 27.3% during the first quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock valued at $9,405,000 after purchasing an additional 112,003 shares in the last quarter. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Price Performance

RIGL opened at $40.87 on Tuesday. Rigel Pharmaceuticals has a 12-month low of $12.66 and a 12-month high of $43.72. 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 fifty day simple moving average is $28.69 and its 200-day simple moving average is $22.58. The company has a market capitalization of $733.21 million, a price-to-earnings ratio of 7.55 and a beta of 1.26.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, topping 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 business 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. On average, equities research analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share 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.

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