Rigel Pharmaceuticals (NASDAQ:RIGL) Sets New 52-Week High – Should You Buy?

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) hit a new 52-week high during trading on Tuesday . The company traded as high as $44.88 and last traded at $45.07, with a volume of 258471 shares trading hands. The stock had previously closed at $42.51.

Analysts Set New Price Targets

Several research firms recently weighed in on RIGL. HC Wainwright reissued a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed 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 research note on Wednesday, November 5th. Wall Street Zen cut Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Cantor Fitzgerald boosted their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. One investment 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.20.

Rigel Pharmaceuticals Stock Up 7.4%

The company has a market cap of $828.68 million, a P/E ratio of 8.44 and a beta of 1.22. The stock has a 50-day moving average of $32.22 and a 200 day moving average of $27.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.90.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The firm had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. Research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. New York State Common Retirement Fund lifted 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 worth $100,000 after buying an additional 2,200 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Rigel Pharmaceuticals during the first quarter worth about $600,000. Pacer Advisors Inc. bought a new position in shares of Rigel Pharmaceuticals in the first quarter worth about $2,026,000. GSA Capital Partners LLP acquired a new position in Rigel Pharmaceuticals during the 1st quarter worth approximately $804,000. Finally, XTX Topco Ltd lifted its stake in Rigel Pharmaceuticals by 55.2% in the 1st quarter. XTX Topco Ltd now owns 16,928 shares of the biotechnology company’s stock valued at $305,000 after purchasing an additional 6,018 shares during 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.