Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Gap Up Following Strong Earnings

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.38, but opened at $34.87. Rigel Pharmaceuticals shares last traded at $37.93, with a volume of 768,754 shares trading hands.

The biotechnology company reported $1.46 EPS for the quarter, beating the consensus estimate of $0.93 by $0.53. The business had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS.

Wall Street Analysts Forecast Growth

Several research firms have commented on RIGL. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $38.20.

Institutional Trading of Rigel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC raised its stake in shares of Rigel Pharmaceuticals by 234.8% in the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares in the last quarter. Virtus Advisers LLC acquired a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at $40,000. RMG Wealth Management LLC acquired a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at $41,000. Laurel Wealth Advisors LLC raised its stake in shares of Rigel Pharmaceuticals by 1,773.3% in 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. Finally, Legal & General Group Plc raised its stake in shares of Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Trading Up 35.8%

The company has a market cap of $691.20 million, a price-to-earnings ratio of 7.03 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. The business’s 50 day moving average price is $32.45 and its 200-day moving average price is $26.00.

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.