Rigel Pharmaceuticals (NASDAQ:RIGL) Posts Quarterly Earnings Results, Beats Estimates By $0.73 EPS

Rigel Pharmaceuticals (NASDAQ:RIGL) issued its quarterly earnings results on Tuesday. The biotechnology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.73, Zacks reports. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%. Rigel Pharmaceuticals updated its FY 2025 guidance to EPS.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL traded down $2.27 during midday trading on Tuesday, reaching $28.38. The stock had a trading volume of 898,702 shares, compared to its average volume of 374,646. The company has a market capitalization of $509.05 million, a price-to-earnings ratio of 5.25 and a beta of 1.20. Rigel Pharmaceuticals has a 12-month low of $13.91 and a 12-month high of $43.72. The stock has a 50-day moving average of $32.71 and a 200-day moving average of $25.92. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Marshall Wace LLP increased its position in Rigel Pharmaceuticals by 74.2% in the second quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company’s stock worth $6,910,000 after purchasing an additional 157,202 shares during the last quarter. Bank of America Corp DE grew its stake 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 buying an additional 55,184 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth about $431,000. Lazard Asset Management LLC raised its position in shares of Rigel Pharmaceuticals by 16.8% during the 2nd quarter. Lazard Asset Management LLC now owns 157,000 shares of the biotechnology company’s stock valued at $2,940,000 after buying an additional 22,637 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $412,000. Institutional investors own 66.23% of the company’s stock.

Wall Street Analyst Weigh In

RIGL has been the subject of several analyst reports. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald increased 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. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.20.

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.