Rigel Pharmaceuticals (NASDAQ:RIGL) Raised to “Buy” at Jefferies Financial Group

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by stock analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $42.00 price objective on the biotechnology company’s stock. Jefferies Financial Group’s price target suggests a potential upside of 10.96% from the company’s previous close.

Other research analysts have also issued reports about the company. HC Wainwright reiterated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Cantor Fitzgerald increased their price objective on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $39.83.

Rigel Pharmaceuticals Price Performance

RIGL stock traded up $9.47 during midday trading on Wednesday, reaching $37.85. 2,317,886 shares of the company’s stock traded hands, compared to its average volume of 383,351. The company has a 50-day simple moving average of $32.45 and a two-hundred day simple moving average of $26.00. Rigel Pharmaceuticals has a 1-year low of $14.47 and a 1-year high of $43.72. The company has a market cap of $678.92 million, a price-to-earnings ratio of 7.00 and a beta of 1.20. 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 return on equity of 438.89% and a net margin of 36.51%.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. On average, analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Armistice Capital LLC lifted its holdings in Rigel Pharmaceuticals by 31.6% during the first quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock worth $27,273,000 after acquiring an additional 364,000 shares in the last quarter. Acadian Asset Management LLC lifted its holdings 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 acquiring an additional 188,679 shares in the last quarter. Marshall Wace LLP lifted its holdings in Rigel Pharmaceuticals by 74.2% during the second quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company’s stock worth $6,910,000 after acquiring an additional 157,202 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. bought a new position in Rigel Pharmaceuticals during the third quarter worth about $4,310,000. Finally, Invesco Ltd. bought a new position in Rigel Pharmaceuticals during the first quarter worth about $2,412,000. 66.23% of the stock is currently owned by institutional investors.

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.