Rigel Pharmaceuticals (NASDAQ:RIGL) Rating Lowered to Buy at Wall Street Zen

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Several other equities research analysts have also recently weighed in on RIGL. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price objective for the company from $23.00 to $42.00 in a research report on Wednesday, November 5th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 5th. Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.83.

Rigel Pharmaceuticals Trading Down 2.6%

Shares of NASDAQ:RIGL opened at $35.19 on Friday. 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 stock’s 50-day moving average is $32.27 and its 200-day moving average is $26.40. The company has a market cap of $638.73 million, a P/E ratio of 6.50 and a beta of 1.22. Rigel Pharmaceuticals has a 52-week low of $14.63 and a 52-week high of $43.72.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.53. The business had revenue of $69.46 million during the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. Equities research analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund raised its stake in Rigel Pharmaceuticals by 65.9% during the first quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company’s stock worth $100,000 after acquiring an additional 2,200 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth about $600,000. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth about $684,000. Pacer Advisors Inc. bought a new position in Rigel Pharmaceuticals during the 1st quarter valued at about $2,026,000. Finally, GSA Capital Partners LLP acquired a new position in Rigel Pharmaceuticals in 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.