Rigel Pharmaceuticals' (RIGL) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright has reiterated a "buy" rating for Rigel Pharmaceuticals (RIGL) with a target price of $57.00, suggesting potential upside of 107.93% from its current price.
• Rigel Pharmaceuticals reported $3.28 EPS for its last quarterly earnings, exceeding analyst expectations of $1.97 EPS, driven by revenue of $101.69 million.
• Over half of Rigel's stock is owned by institutional investors, with Squarepoint Ops LLC increasing its holdings by 64.0% in the latest quarter.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $57.00 target price on the biotechnology company's stock. HC Wainwright's target price indicates a potential upside of 107.93% from the company's current price.

Several other equities analysts also recently issued reports on RIGL. Weiss Ratings reissued a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a report on Saturday, September 27th. Cantor Fitzgerald raised 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. Finally, Zacks Research cut shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of "Hold" and a consensus target price of $38.20.

Rigel Pharmaceuticals Price Performance

RIGL stock traded down $2.09 on Wednesday, hitting $27.41. 191,848 shares of the company's stock traded hands, compared to its average volume of 361,453. The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. The stock has a market cap of $491.79 million, a price-to-earnings ratio of 5.09 and a beta of 1.20. Rigel Pharmaceuticals has a 1-year low of $13.57 and a 1-year high of $43.72. The stock has a fifty day moving average of $34.18 and a 200-day moving average of $24.25.

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 the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The company had revenue of $101.69 million for the quarter, compared to analyst estimates of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. On average, analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC grew its holdings in Rigel Pharmaceuticals by 64.0% during the 2nd quarter. Squarepoint Ops LLC now owns 36,215 shares of the biotechnology company's stock worth $678,000 after acquiring an additional 14,135 shares during the last quarter. Man Group plc lifted its position in shares of Rigel Pharmaceuticals by 14.6% in the 2nd quarter. Man Group plc now owns 11,772 shares of the biotechnology company's stock worth $220,000 after purchasing an additional 1,501 shares during the period. Lazard Asset Management LLC lifted its position in shares of Rigel Pharmaceuticals by 16.8% in the 2nd quarter. Lazard Asset Management LLC now owns 157,000 shares of the biotechnology company's stock worth $2,940,000 after purchasing an additional 22,637 shares during the period. Bank of America Corp DE lifted its position in shares of Rigel Pharmaceuticals by 41.7% in the 2nd quarter. Bank of America Corp DE now owns 187,621 shares of the biotechnology company's stock worth $3,514,000 after purchasing an additional 55,184 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Rigel Pharmaceuticals in the 2nd quarter worth approximately $325,000. 66.23% of the stock is owned by institutional investors.

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.

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