Rigel Pharmaceuticals (NASDAQ:RIGL) Sets New 12-Month High - Time to Buy?

Key Points

• Rigel Pharmaceuticals reached a new 52-week high, with its stock price peaking at $35.17, indicating strong market performance and significant trading volume of over 1.13 million shares.
• Cantor Fitzgerald raised its price target for Rigel from $23.00 to $32.00, while the average consensus price target stands at $38.20, reflecting a positive outlook from analysts.
• The company reported $3.28 EPS for its quarterly earnings, exceeding estimates significantly, contributing to a strong return on equity of 438.89% and robust revenue growth.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $35.17 and last traded at $34.52, with a volume of 1137643 shares traded. The stock had previously closed at $33.46.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald upped 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $38.20.

Rigel Pharmaceuticals Price Performance

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 stock has a market capitalization of $619.29 million, a PE ratio of 6.38 and a beta of 1.21. The firm has a 50 day moving average price of $21.14 and a 200 day moving average price of $20.16.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $64.58 million. Research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Armistice Capital LLC lifted its holdings in shares of Rigel Pharmaceuticals by 31.6% in the 1st quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company's stock valued at $27,273,000 after acquiring an additional 364,000 shares during the last quarter. Soleus Capital Management L.P. lifted its holdings in shares of Rigel Pharmaceuticals by 21.0% in the 4th quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock valued at $19,018,000 after acquiring an additional 195,891 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rigel Pharmaceuticals by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company's stock valued at $18,495,000 after acquiring an additional 15,141 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 10.3% in the 2nd quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company's stock valued at $11,664,000 after acquiring an additional 57,959 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Rigel Pharmaceuticals by 27.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock valued at $9,405,000 after acquiring an additional 112,003 shares during the last quarter. Hedge funds and other 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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