HC Wainwright Reaffirms Buy Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $57.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 100.70% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald upped their target price on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Saturday, September 27th. Finally, Zacks Research cut Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Hold” and a consensus target price of $38.20.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock opened at $28.40 on Wednesday. Rigel Pharmaceuticals has a twelve month low of $13.57 and a twelve month high of $43.72. The stock has a market capitalization of $509.50 million, a price-to-earnings ratio of 5.25 and a beta of 1.20. The stock has a fifty day simple moving average of $34.48 and a two-hundred day simple moving average of $24.34. The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46.

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

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Virtus Advisers LLC acquired a new position in Rigel Pharmaceuticals during the 1st quarter valued at about $40,000. RMG Wealth Management LLC acquired a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $41,000. Laurel Wealth Advisors LLC increased its position in Rigel Pharmaceuticals by 1,773.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock valued at $53,000 after buying an additional 2,660 shares in the last quarter. Legal & General Group Plc increased its position in Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares in the last quarter. Finally, US Bancorp DE increased its position in Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company’s stock valued at $92,000 after buying an additional 1,868 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

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.