Rigel Pharmaceuticals (NASDAQ:RIGL) Reaches New 1-Year High Following Analyst Upgrade

Key Points

• Rigel Pharmaceuticals' stock reached a new 52-week high after Cantor Fitzgerald upgraded its price target from $23.00 to $32.00, with shares trading at $29.81.
• Several institutional investors have significantly increased their holdings in Rigel Pharmaceuticals, with notable increases including JPMorgan Chase & Co. raising its stake by 587.9%.
• In its latest earnings report, Rigel Pharmaceuticals reported an EPS of $3.28, significantly surpassing analysts' expectations of $1.97, along with a revenue of $101.69 million for the quarter.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $23.00 to $32.00. Cantor Fitzgerald currently has a neutral rating on the stock. Rigel Pharmaceuticals traded as high as $30.43 and last traded at $29.81, with a volume of 2292598 shares trading hands. The stock had previously closed at $24.24.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIGL. Dimensional Fund Advisors LP purchased a new stake in Rigel Pharmaceuticals during the 4th quarter valued at $288,000. Two Sigma Investments LP purchased a new stake in Rigel Pharmaceuticals in the fourth quarter worth $1,025,000. Deutsche Bank AG increased its stake in Rigel Pharmaceuticals by 100.5% in the fourth quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock worth $231,000 after purchasing an additional 6,890 shares during the period. JPMorgan Chase & Co. increased its stake in Rigel Pharmaceuticals by 587.9% in the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after purchasing an additional 154,254 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Rigel Pharmaceuticals in the fourth quarter worth $588,000. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

The company has a quick ratio of 2.13, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The business has a 50 day simple moving average of $20.59 and a two-hundred day simple moving average of $20.00. The firm has a market cap of $568.70 million, a PE ratio of 5.86 and a beta of 1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its 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. 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 analyst estimates of $64.58 million. As a group, equities research analysts forecast that Rigel Pharmaceuticals, Inc. 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.