37,269 Shares in Rigel Pharmaceuticals, Inc. $RIGL Acquired by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC purchased a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 37,269 shares of the biotechnology company’s stock, valued at approximately $698,000. Sierra Summit Advisors LLC owned approximately 0.21% of Rigel Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Virtus Advisers LLC acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter valued at $40,000. RMG Wealth Management LLC bought a new stake in Rigel Pharmaceuticals in the second quarter worth about $41,000. Legal & General Group Plc lifted its holdings in Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after acquiring an additional 2,442 shares during the last quarter. US Bancorp DE lifted its holdings in Rigel Pharmaceuticals by 57.4% in the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company’s stock valued at $92,000 after acquiring an additional 1,868 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Rigel Pharmaceuticals by 65.9% during the 1st quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company’s stock valued at $100,000 after purchasing an additional 2,200 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 5.4%

Rigel Pharmaceuticals stock opened at $46.22 on Friday. Rigel Pharmaceuticals, Inc. has a 52 week low of $14.63 and a 52 week high of $47.26. 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 firm has a market capitalization of $838.94 million, a price-to-earnings ratio of 8.54 and a beta of 1.22. The company has a 50 day moving average price of $32.82 and a 200 day moving average price of $27.91.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.53. The company had revenue of $69.46 million during the quarter, compared to analyst estimates 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. Research analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

Analysts Set New Price Targets

RIGL has been the topic of a number of research reports. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Cantor Fitzgerald upped their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company 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 report on Wednesday, October 8th. Zacks Research raised Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 5th. Finally, Wall Street Zen lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.20.

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.