Rigel Pharmaceuticals (NASDAQ:RIGL) Hits New 1-Year High – Here’s What Happened

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) hit a new 52-week high during trading on Monday . The company traded as high as $47.99 and last traded at $48.4450, with a volume of 74621 shares traded. The stock had previously closed at $46.22.

Wall Street Analysts Forecast Growth

RIGL has been the subject of several research reports. Wall Street Zen cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 5th. Finally, Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the company from $23.00 to $42.00 in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $43.20.

Rigel Pharmaceuticals Stock Up 6.1%

The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. The business’s fifty day moving average price is $32.82 and its 200 day moving average price is $27.98. The company has a market capitalization of $889.76 million, a P/E ratio of 9.06 and a beta of 1.22.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its 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. The business had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its stake in Rigel Pharmaceuticals by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after buying an additional 555 shares in the last quarter. AlphaQuest LLC raised its stake in Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 775 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Rigel Pharmaceuticals by 2.1% during the third quarter. GSA Capital Partners LLP now owns 41,771 shares of the biotechnology company’s stock valued at $1,183,000 after acquiring an additional 850 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 valued at $204,000 after purchasing an additional 1,464 shares in the last quarter. Finally, Man Group plc boosted its stake 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 valued at $220,000 after purchasing an additional 1,501 shares in the last quarter. Institutional investors 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.