Zacks Research Upgrades Rigel Pharmaceuticals (NASDAQ:RIGL) to Strong-Buy

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price objective for the stock from $23.00 to $42.00 in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $39.83.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $36.12 on Wednesday. The company has a market capitalization of $647.88 million, a price-to-earnings ratio of 6.68 and a beta of 1.22. The firm has a 50 day moving average of $32.35 and a two-hundred day moving average of $26.16. 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 has a 12 month low of $14.63 and a 12 month high of $43.72.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $69.46 million during 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 anticipate that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Rigel Pharmaceuticals in the 1st quarter worth $488,000. Strs Ohio bought a new stake in shares of Rigel Pharmaceuticals in the first quarter valued at about $389,000. 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 worth $10,161,000 after buying an additional 188,679 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Rigel Pharmaceuticals by 7.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 217,776 shares of the biotechnology company’s stock valued at $3,918,000 after acquiring an additional 15,687 shares during the period. Finally, GSA Capital Partners LLP bought a new position in Rigel Pharmaceuticals during the first quarter valued at about $804,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.