Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) had its target price lifted by Cantor Fitzgerald from $20.00 to $23.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the biotechnology company's stock. Cantor Fitzgerald's price objective points to a potential upside of 21.76% from the stock's previous close. Cantor Fitzgerald also issued estimates for Rigel Pharmaceuticals' FY2025 earnings at $1.20 EPS.

Several other research firms have also issued reports on RIGL. StockNews.com lowered Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. B. Riley increased their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, March 5th. Citigroup raised their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, HC Wainwright reissued a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.40.

Rigel Pharmaceuticals Stock Up 0.6%

Shares of Rigel Pharmaceuticals stock traded up $0.12 on Wednesday, reaching $18.89. The company's stock had a trading volume of 109,917 shares, compared to its average volume of 212,284. The company has a market capitalization of $337.51 million, a P/E ratio of 134.94 and a beta of 1.34. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The stock has a 50-day moving average price of $18.57 and a 200-day moving average price of $19.86.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.14 by $0.49. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The firm had revenue of $53.33 million during the quarter, compared to analysts' expectations of $43.87 million. During the same period in the previous year, the business earned ($0.50) earnings per share. Sell-side analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RIGL. Barclays PLC boosted its stake in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock worth $442,000 after buying an additional 16,772 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Rigel Pharmaceuticals by 45.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company's stock worth $425,000 after buying an additional 8,140 shares during the last quarter. SG Americas Securities LLC boosted its stake in Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after buying an additional 2,827 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Rigel Pharmaceuticals by 15.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock worth $1,447,000 after buying an additional 11,499 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Rigel Pharmaceuticals in the 4th quarter worth about $588,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.