Rigel Pharmaceuticals (NASDAQ:RIGL) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Rigel Pharmaceuticals experienced a significant increase in trading volume, with 458,693 shares traded, marking an 86% rise from the previous session.
• Analysts at Cantor Fitzgerald raised their price target for the stock from $23.00 to $32.00, while the average target price among analysts is currently $38.20.
• The company posted impressive earnings, reporting $3.28 EPS and revenue of $101.69 million for the quarter, significantly exceeding analyst expectations.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) saw strong trading volume on Friday . 458,693 shares changed hands during mid-day trading, an increase of 86% from the previous session's volume of 246,927 shares.The stock last traded at $31.81 and had previously closed at $30.44.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $38.20.

Rigel Pharmaceuticals Trading Up 3.2%

The firm has a market capitalization of $561.56 million, a PE ratio of 5.83 and a beta of 1.21. The company has a current ratio of 2.02, a quick ratio of 2.13 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average price of $20.34 and a two-hundred day moving average price of $19.94.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%. The firm had revenue of $101.69 million for the quarter, compared to analyst estimates of $64.58 million. Analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Rigel Pharmaceuticals by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company's stock valued at $17,038,000 after purchasing an additional 27,640 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at about $197,000. JPMorgan Chase & Co. raised its position in Rigel Pharmaceuticals by 587.9% in the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock valued at $3,036,000 after purchasing an additional 154,254 shares in the last quarter. Norges Bank acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at about $2,178,000. Finally, Wellington Management Group LLP acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at about $588,000. Institutional investors and hedge funds 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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