Rigel Pharmaceuticals (NASDAQ:RIGL) Trading Up 3.3% - Should You Buy?

Key Points

• Rigel Pharmaceuticals shares rose by 3.3% to $37.81, indicating significant trading activity with a volume increase of 47% compared to its average session volume.
• Analysts from Cantor Fitzgerald increased their price target for Rigel from $23.00 to $32.00, maintaining a "neutral" rating, while the stock has an average rating of "Moderate Buy" with a consensus target price of $38.20.
• The company reported a quarterly earnings per share (EPS) of $3.28, significantly beating the expected $1.97 and achieving a revenue of $101.69 million, which surpassed analyst estimates.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) traded up 3.3% during trading on Thursday . The stock traded as high as $38.35 and last traded at $37.81. 399,125 shares were traded during mid-day trading, an increase of 47% from the average session volume of 272,426 shares. The stock had previously closed at $36.58.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald boosted their price target on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Rigel Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $38.20.

Rigel Pharmaceuticals Stock Performance

The company has a market capitalization of $679.17 million, a price-to-earnings ratio of 7.00 and a beta of 1.21. The company has a 50 day moving average price of $21.46 and a 200 day moving average price of $20.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data 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. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%. The firm had revenue of $101.69 million during the quarter, compared to the consensus estimate of $64.58 million. Equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Virtus Advisers LLC purchased a new position in Rigel Pharmaceuticals in the first quarter worth about $40,000. RMG Wealth Management LLC bought a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $41,000. Laurel Wealth Advisors LLC grew its holdings in Rigel Pharmaceuticals by 1,773.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company's stock valued at $53,000 after buying an additional 2,660 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 2,442 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Rigel Pharmaceuticals by 57.4% in the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock worth $92,000 after buying an additional 1,868 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.