Cantor Fitzgerald Boosts Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $32.00

Key Points

• Cantor Fitzgerald has raised the price target for Rigel Pharmaceuticals from $23.00 to $32.00, indicating a potential upside of 15.80% from its previous close.
• Rigel Pharmaceuticals reported an impressive EPS of $3.28 for the last quarter, significantly beating the consensus estimate of $1.97, with revenues reaching $101.69 million, well above expectations.
• Notably, institutional investors have shown increasing interest, with significant recent purchases by firms like JPMorgan Chase and Deutsche Bank, which have boosted their holdings substantially in the company.

Rigel Pharmaceuticals (NASDAQ:RIGL - Free Report) had its target price lifted by Cantor Fitzgerald from $23.00 to $32.00 in a report released on Wednesday,Benzinga reports. They currently have a neutral rating on the biotechnology company's stock. Cantor Fitzgerald also issued estimates for Rigel Pharmaceuticals' FY2025 earnings at $5.17 EPS and FY2026 earnings at $2.70 EPS.

Rigel Pharmaceuticals Stock Up 4.1%

RIGL traded up $1.26 on Wednesday, reaching $31.70. 1,373,834 shares of the company traded hands, compared to its average volume of 434,434. The stock's 50 day moving average price is $20.59 and its 200-day moving average price is $19.99. Rigel Pharmaceuticals has a 52-week low of $9.92 and a 52-week high of $32.40. The company has a market cap of $568.70 million, a price-to-earnings ratio of 5.86 and a beta of 1.21. 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 earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, topping the consensus estimate of $1.97 by $1.31. The company had revenue of $101.69 million during 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%. On average, sell-side analysts expect that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP acquired a new stake in shares of Rigel Pharmaceuticals in the fourth quarter worth $288,000. Two Sigma Investments LP acquired a new stake in shares of Rigel Pharmaceuticals in the fourth quarter worth $1,025,000. Deutsche Bank AG lifted its stake in shares of Rigel Pharmaceuticals by 100.5% in the fourth quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock worth $231,000 after buying an additional 6,890 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rigel Pharmaceuticals by 587.9% in the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after buying an additional 154,254 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Rigel Pharmaceuticals in the fourth quarter worth $588,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

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.