Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Up 5% – What’s Next?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shot up 5% during mid-day trading on Thursday . The company traded as high as $44.79 and last traded at $43.77. 245,699 shares were traded during trading, a decline of 39% from the average session volume of 400,865 shares. The stock had previously closed at $41.68.

Wall Street Analyst Weigh In

RIGL has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price objective for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Wall Street Zen cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 5th. Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Finally, HC Wainwright reissued a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Rigel Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $43.20.

Rigel Pharmaceuticals Price Performance

The stock has a market capitalization of $838.94 million, a PE ratio of 8.54 and a beta of 1.22. The stock’s 50 day moving average price is $32.82 and its 200-day moving average price is $27.84. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The business had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC increased its position in shares of Rigel Pharmaceuticals by 31.6% in the 1st quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock valued at $27,273,000 after acquiring an additional 364,000 shares during the period. Marshall Wace LLP grew its stake in Rigel Pharmaceuticals by 63.0% during the 3rd quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock valued at $17,036,000 after purchasing an additional 232,383 shares during the last quarter. Qube Research & Technologies Ltd grew its stake in Rigel Pharmaceuticals by 110.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock valued at $10,226,000 after purchasing an additional 189,542 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Rigel Pharmaceuticals by 50.1% in the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock worth $10,161,000 after purchasing an additional 188,679 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of Rigel Pharmaceuticals by 474.6% during the third quarter. Two Sigma Investments LP now owns 220,298 shares of the biotechnology company’s stock worth $6,241,000 after purchasing an additional 181,956 shares during the period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.