Rigel Pharmaceuticals (NASDAQ:RIGL) Sees Strong Trading Volume - Should You Buy?

Key Points

• Rigel Pharmaceuticals experienced a significant increase in trading volume, with about 492,507 shares traded, marking a 77% rise from the previous session.
• Analysts have upgraded Rigel's price target from $23.00 to $32.00, while the stock maintains an average rating of "Moderate Buy" and a consensus price target of $38.20.
• The company reported $3.28 earnings per share, significantly exceeding analysts' expectations, alongside a revenue of $101.69 million for the quarter.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) saw unusually-high trading volume on Monday . Approximately 492,507 shares changed hands during mid-day trading, an increase of 77% from the previous session's volume of 278,929 shares.The stock last traded at $39.84 and had previously closed at $39.51.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald raised their price target on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $38.20.

Rigel Pharmaceuticals Trading Up 1.4%

The company has a market cap of $718.86 million, a price-to-earnings ratio of 7.41 and a beta of 1.21. The company's fifty day moving average price is $22.16 and its two-hundred day moving average price is $20.47. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced 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 net margin of 36.51% and a return on equity of 438.89%. The company had revenue of $101.69 million during the quarter, compared to the consensus estimate of $64.58 million. Research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. RMG Wealth Management LLC bought a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $41,000. Virtus Advisers LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter valued at about $40,000. Laurel Wealth Advisors LLC raised its position in Rigel Pharmaceuticals by 1,773.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company's stock valued at $53,000 after buying an additional 2,660 shares during the last quarter. Legal & General Group Plc boosted its position in Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock worth $81,000 after acquiring an additional 2,442 shares during the last quarter. Finally, US Bancorp DE boosted its position 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 acquiring an additional 1,868 shares during the last quarter. Institutional investors own 66.23% of the company's stock.

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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