Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Down 4% - What's Next?

Key Points

• Rigel Pharmaceuticals' stock fell 4% to $28.32 on mid-day trading, with a decline in trading volume of 25% compared to its average.
• Analysts have given Rigel a mixed review, with Zacks Research downgrading it to a "hold" rating while Cantor Fitzgerald set a price target of $32.00.
• The biotechnology company reported a quarterly EPS of $3.28, exceeding estimates significantly, and had a net margin of 36.51% during the quarter.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) shares dropped 4% on Wednesday . The stock traded as low as $27.15 and last traded at $28.32. Approximately 272,070 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 361,792 shares. The stock had previously closed at $29.50.

Wall Street Analysts Forecast Growth

RIGL has been the subject of several recent analyst reports. Zacks Research lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings restated a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a research report on Wednesday. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Finally, HC Wainwright reiterated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $38.20.

Rigel Pharmaceuticals Trading Down 3.3%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. The stock has a 50-day moving average of $34.18 and a two-hundred day moving average of $24.25. The company has a market cap of $511.83 million, a P/E ratio of 5.26 and a beta of 1.20.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS 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 firm had revenue of $101.69 million during the quarter, compared to analyst estimates of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtus Advisers LLC bought a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $40,000. RMG Wealth Management LLC acquired a new position in shares of Rigel Pharmaceuticals during the second quarter worth $41,000. Laurel Wealth Advisors LLC increased its holdings in shares of Rigel Pharmaceuticals by 1,773.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company's stock valued at $53,000 after acquiring an additional 2,660 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock valued at $81,000 after acquiring an additional 2,442 shares in the last quarter. Finally, US Bancorp DE increased its stake in Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock valued at $92,000 after purchasing an additional 1,868 shares in 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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