Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Up 5% – Still a Buy?

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares shot up 5% on Thursday . The company traded as high as $44.79 and last traded at $43.77. 245,699 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 400,865 shares. The stock had previously closed at $41.68.

Wall Street Analyst Weigh In

RIGL has been the subject of a number of research reports. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Zacks Research raised Rigel Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group raised 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 investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

Rigel Pharmaceuticals Stock Up 6.4%

The firm has a 50-day moving average of $32.53 and a two-hundred day moving average of $27.54. The stock has a market capitalization of $805.18 million, a price-to-earnings ratio of 8.20 and a beta of 1.22. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.53. The company had revenue of $69.46 million for the quarter, compared to analysts’ expectations 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. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new position in Rigel Pharmaceuticals in the 3rd quarter worth about $62,000. PharVision Advisers LLC acquired a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $581,000. Optimist Retirement Group LLC bought a new stake in Rigel Pharmaceuticals in the third quarter worth approximately $293,000. Virtus Advisers LLC raised its holdings in shares of Rigel Pharmaceuticals by 262.4% during the 3rd quarter. Virtus Advisers LLC now owns 8,027 shares of the biotechnology company’s stock valued at $227,000 after purchasing an additional 5,812 shares in the last quarter. Finally, Wexford Capital LP acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at $66,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.