Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $38.20 Consensus Target Price from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given an average rating of “Hold” by the seven research firms that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $38.20.

RIGL has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, August 6th.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $675,000. Ritholtz Wealth Management purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $215,000. SG Americas Securities LLC purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $199,000. Range Financial Group LLC purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $1,286,000. Finally, Pacer Advisors Inc. purchased a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $2,195,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $31.58 on Thursday. The firm has a 50 day moving average price of $32.92 and a 200-day moving average price of $25.76. Rigel Pharmaceuticals has a 52-week low of $13.57 and a 52-week high of $43.72. The firm has a market capitalization of $566.45 million, a price-to-earnings ratio of 5.84 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The firm had revenue of $101.69 million during the quarter, compared to analyst estimates of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. Equities research analysts forecast that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

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.