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 price target boosted by Cantor Fitzgerald from $23.00 to $32.00 in a report issued on Wednesday,Benzinga reports. Cantor Fitzgerald currently has 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 Performance

NASDAQ RIGL traded up $1.22 on Wednesday, reaching $31.66. 315,608 shares of the company's stock traded hands, compared to its average volume of 246,927. The stock has a 50 day moving average price of $20.34 and a 200-day moving average price of $19.94. The firm has a market cap of $565.67 million, a price-to-earnings ratio of 5.87 and a beta of 1.21. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.13 and a current ratio of 2.02. Rigel Pharmaceuticals has a fifty-two week low of $9.92 and a fifty-two week high of $32.25.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share for the quarter, beating the consensus estimate of $1.97 by $1.31. The company 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%. Equities research analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC boosted its holdings 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 worth $27,273,000 after buying an additional 364,000 shares during the last quarter. Soleus Capital Management L.P. lifted its position in shares of Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock valued at $19,018,000 after acquiring an additional 195,891 shares in the last quarter. Vanguard Group Inc. raised its stake in Rigel Pharmaceuticals by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company's stock valued at $18,495,000 after purchasing an additional 15,141 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Rigel Pharmaceuticals by 10.3% during the 2nd quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company's stock worth $11,664,000 after purchasing an additional 57,959 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Rigel Pharmaceuticals by 27.3% during the first quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock worth $9,405,000 after buying an additional 112,003 shares in the last quarter. Institutional investors and hedge funds 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.