Rigel Pharmaceuticals (NASDAQ:RIGL) Posts Earnings Results, Beats Expectations By $0.53 EPS

Rigel Pharmaceuticals (NASDAQ:RIGL) released its quarterly earnings data on Tuesday. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.53, Zacks reports. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%.The company had revenue of $69.46 million for the quarter, compared to analyst estimates of $61.88 million. Rigel Pharmaceuticals updated its FY 2025 guidance to EPS.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock opened at $28.38 on Wednesday. Rigel Pharmaceuticals has a 52 week low of $13.91 and a 52 week high of $43.72. The business has a 50-day simple moving average of $32.45 and a 200 day simple moving average of $26.00. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The stock has a market cap of $509.05 million, a price-to-earnings ratio of 5.25 and a beta of 1.20.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RIGL shares. Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald boosted their price objective on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.20.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIGL. Legal & General Group Plc grew its position in Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after buying an additional 2,442 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Rigel Pharmaceuticals in the 2nd quarter worth about $178,000. AQR Capital Management LLC purchased a new position in shares of Rigel Pharmaceuticals in the 1st quarter worth about $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Rigel Pharmaceuticals by 14.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 1,464 shares in the last quarter. Finally, Man Group plc boosted its holdings in shares of Rigel Pharmaceuticals by 14.6% in the 2nd quarter. Man Group plc now owns 11,772 shares of the biotechnology company’s stock worth $220,000 after purchasing an additional 1,501 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

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.