Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Down 4.9% - What's Next?

Key Points

• Rigel Pharmaceuticals' stock price dropped 4.9% to $35.49, with trading volume significantly down at 132,605 shares compared to the average of 332,786 shares.
• Analyst ratings vary, with Cantor Fitzgerald raising their target price from $23.00 to $32.00 and a consensus rating of "Hold" along with a target price of $38.20.
• The company reported earnings per share of $3.28, substantially exceeding the consensus estimate of $1.97, alongside revenue of $101.69 million that also surpassed expectations.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report)'s stock price was down 4.9% on Tuesday . The stock traded as low as $35.47 and last traded at $35.49. Approximately 132,605 shares changed hands during trading, a decline of 60% from the average daily volume of 332,786 shares. The stock had previously closed at $37.30.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald lifted 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 analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $38.20.

Rigel Pharmaceuticals Trading Down 1.1%

The company has a market cap of $622.88 million, a PE ratio of 6.42 and a beta of 1.27. The stock's 50 day moving average is $31.78 and its 200-day moving average is $23.46. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.97 by $1.31. The company had revenue of $101.69 million for the quarter, compared to the consensus estimate of $64.58 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Northern Trust Corp increased its position in Rigel Pharmaceuticals by 1.1% during the fourth quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company's stock valued at $2,453,000 after acquiring an additional 1,588 shares during the last quarter. BNP Paribas Financial Markets increased its position in Rigel Pharmaceuticals by 47.1% during the fourth quarter. BNP Paribas Financial Markets now owns 30,901 shares of the biotechnology company's stock valued at $520,000 after acquiring an additional 9,893 shares during the last quarter. Bank of America Corp DE increased its position in Rigel Pharmaceuticals by 12.3% during the fourth quarter. Bank of America Corp DE now owns 32,166 shares of the biotechnology company's stock valued at $541,000 after acquiring an additional 3,520 shares during the last quarter. Deutsche Bank AG increased its position in Rigel Pharmaceuticals by 100.5% during the fourth quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock valued at $231,000 after acquiring an additional 6,890 shares during the last quarter. Finally, Millennium Management LLC bought a new position in Rigel Pharmaceuticals during the fourth quarter valued at $1,185,000. 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.