Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Down 6.1% - Here's What Happened

Key Points

• Rigel Pharmaceuticals shares fell by 6.1%, closing at $38.39 after trading as low as $38.67, with trading volume decreasing by 41% from average levels.
• Analyst firm Cantor Fitzgerald raised their price objective for the stock from $23.00 to $32.00, maintaining a "neutral" rating amidst a consensus rating of "Hold" from other analysts.
• In their latest earnings report, Rigel Pharmaceuticals achieved $3.28 EPS, significantly surpassing the expected $1.97, along with revenue of $101.69 million, exceeding estimates of $64.58 million.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s share price was down 6.1% on Tuesday . The stock traded as low as $38.67 and last traded at $38.39. Approximately 190,721 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 322,845 shares. The stock had previously closed at $40.87.

Analyst Upgrades and Downgrades

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

Rigel Pharmaceuticals Price Performance

The stock has a market cap of $672.32 million, a price-to-earnings ratio of 6.92 and a beta of 1.26. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The company's 50-day moving average is $28.69 and its 200-day moving average is $22.58.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its 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. The business had revenue of $101.69 million during the quarter, compared to analysts' expectations of $64.58 million. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. Equities research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RIGL. Armistice Capital LLC lifted its stake in 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 in the last quarter. Soleus Capital Management L.P. increased its stake in 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 buying an additional 195,891 shares during the last quarter. Acadian Asset Management LLC lifted its position in Rigel Pharmaceuticals by 50.1% during the 1st quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company's stock worth $10,161,000 after buying an additional 188,679 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Rigel Pharmaceuticals by 74.2% during the 2nd quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company's stock worth $6,910,000 after buying an additional 157,202 shares during the last quarter. Finally, Invesco Ltd. bought a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at about $2,412,000. 66.23% of the stock is currently owned by institutional investors.

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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