Cantor Fitzgerald Has Positive View of RIGL FY2024 Earnings

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) - Research analysts at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for shares of Rigel Pharmaceuticals in a report issued on Tuesday, January 14th. Cantor Fitzgerald analyst K. Kluska now forecasts that the biotechnology company will post earnings per share of $0.33 for the year, up from their previous forecast of $0.19. Cantor Fitzgerald currently has a "Neutral" rating and a $25.00 target price on the stock. The consensus estimate for Rigel Pharmaceuticals' current full-year earnings is $0.17 per share.

A number of other research analysts also recently weighed in on RIGL. B. Riley increased their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. StockNews.com raised Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Friday, October 18th. HC Wainwright reissued a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday. Citigroup upped their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Finally, Piper Sandler lifted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $36.20.

Rigel Pharmaceuticals Stock Down 3.7 %

RIGL traded down $0.66 during trading on Thursday, hitting $17.35. 116,549 shares of the company traded hands, compared to its average volume of 221,715. The firm has a market cap of $305.53 million, a P/E ratio of 123.94 and a beta of 1.31. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82. The stock's fifty day moving average is $21.04 and its 200 day moving average is $15.60.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $7,148,000. Geode Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company's stock valued at $6,468,000 after buying an additional 8,881 shares in the last quarter. State Street Corp increased its position in shares of Rigel Pharmaceuticals by 0.7% during the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock valued at $5,951,000 after buying an additional 2,552 shares during the period. Stonepine Capital Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company's stock worth $5,001,000 after buying an additional 4,100 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rigel Pharmaceuticals by 29.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company's stock worth $1,586,000 after buying an additional 22,443 shares in the last quarter. Hedge funds and other institutional investors 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.