Rigel Pharmaceuticals (NASDAQ:RIGL) Given New $32.00 Price Target at Cantor Fitzgerald

Rigel Pharmaceuticals (NASDAQ:RIGL) had its target price hoisted by Cantor Fitzgerald from $23.00 to $32.00 in a research note published on Wednesday,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

Rigel Pharmaceuticals Stock Up 23.0%

RIGL opened at $29.81 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.20 and a debt-to-equity ratio of 2.42. The firm has a 50 day moving average price of $20.13 and a 200-day moving average price of $19.86. Rigel Pharmaceuticals has a twelve month low of $9.87 and a twelve month high of $30.43. The stock has a market capitalization of $532.70 million, a price-to-earnings ratio of 5.51 and a beta of 1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data 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. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 4,065.15%. The firm had revenue of $101.69 million during the quarter, compared to analysts’ expectations of $64.58 million. Equities research analysts forecast that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Armistice Capital LLC grew its position in Rigel Pharmaceuticals by 31.6% during the first quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock valued at $27,273,000 after buying an additional 364,000 shares during the period. Soleus Capital Management L.P. grew its position in Rigel Pharmaceuticals by 21.0% during 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 buying an additional 195,891 shares during the period. Vanguard Group Inc. grew its position in Rigel Pharmaceuticals by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock valued at $18,495,000 after buying an additional 15,141 shares during the period. Acadian Asset Management LLC grew its position in Rigel Pharmaceuticals by 50.1% during the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock valued at $10,161,000 after buying an additional 188,679 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in 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 valued at $9,405,000 after buying an additional 112,003 shares during the period. 66.23% of the stock is currently 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.