Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Rigel Pharmaceuticals' stock has recently crossed above its 200-day moving average, trading at $28.12 with a high of $29.18 during the session.
• Cantor Fitzgerald raised their price target for the stock from $23.00 to $32.00, maintaining a "neutral" rating, while the consensus target price among analysts is $38.20.
• The company reported earnings per share of $3.28 for the last quarter, significantly exceeding the analysts' expected $1.97, along with a revenue of $101.69 million against the forecasted $64.58 million.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $24.05 and traded as high as $29.18. Rigel Pharmaceuticals shares last traded at $28.12, with a volume of 472,536 shares trading hands.

Analyst Upgrades and Downgrades

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

Rigel Pharmaceuticals Stock Down 0.1%

The firm has a market capitalization of $504.47 million, a price-to-earnings ratio of 5.20 and a beta of 1.20. The stock has a fifty day moving average of $33.64 and a two-hundred day moving average of $24.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.90.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.97 by $1.31. The business had revenue of $101.69 million during the quarter, compared to the consensus estimate 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. Sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC boosted its position in Rigel Pharmaceuticals by 64.0% during the second quarter. Squarepoint Ops LLC now owns 36,215 shares of the biotechnology company's stock valued at $678,000 after acquiring an additional 14,135 shares during the last quarter. Man Group plc boosted its position in Rigel Pharmaceuticals by 14.6% during the second quarter. Man Group plc now owns 11,772 shares of the biotechnology company's stock valued at $220,000 after acquiring an additional 1,501 shares during the last quarter. Lazard Asset Management LLC boosted its position in Rigel Pharmaceuticals by 16.8% during the second quarter. Lazard Asset Management LLC now owns 157,000 shares of the biotechnology company's stock valued at $2,940,000 after acquiring an additional 22,637 shares during the last quarter. Bank of America Corp DE boosted its position in Rigel Pharmaceuticals by 41.7% during the second quarter. Bank of America Corp DE now owns 187,621 shares of the biotechnology company's stock valued at $3,514,000 after acquiring an additional 55,184 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Rigel Pharmaceuticals during the 2nd quarter worth about $325,000. 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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