Rigel Pharmaceuticals (NASDAQ:RIGL) Given "Buy" Rating at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They presently have a $57.00 target price on the biotechnology company's stock. HC Wainwright's price target would indicate a potential upside of 177.78% from the stock's current price. HC Wainwright also issued estimates for Rigel Pharmaceuticals' Q1 2025 earnings at ($0.07) EPS, Q2 2025 earnings at $0.12 EPS, Q3 2025 earnings at $0.34 EPS, Q4 2025 earnings at $0.48 EPS, FY2025 earnings at $0.88 EPS and FY2026 earnings at $2.08 EPS.

Several other research analysts have also recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Cantor Fitzgerald increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. StockNews.com lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Citigroup raised their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Finally, B. Riley raised their price target on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

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Rigel Pharmaceuticals Price Performance

Shares of Rigel Pharmaceuticals stock traded up $0.82 on Wednesday, reaching $20.52. 184,891 shares of the company traded hands, compared to its average volume of 244,268. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The company has a 50 day moving average of $20.22 and a 200 day moving average of $18.52. The firm has a market capitalization of $361.46 million, a PE ratio of 146.58 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.50. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The firm had revenue of $57.60 million for the quarter, compared to analysts' expectations of $57.59 million. As a group, analysts anticipate that Rigel Pharmaceuticals will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the transaction, the chief executive officer now owns 243,854 shares of the company's stock, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David A. Santos sold 2,125 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the transaction, the executive vice president now directly owns 53,500 shares of the company's stock, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,113 shares of company stock valued at $190,644. Insiders own 9.04% of the company's stock.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in shares of Rigel Pharmaceuticals by 6.3% in the 4th quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company's stock valued at $423,000 after acquiring an additional 1,485 shares in the last quarter. Northern Trust Corp grew its stake in shares of Rigel Pharmaceuticals by 1.1% during the fourth quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company's stock worth $2,453,000 after purchasing an additional 1,588 shares during the period. MetLife Investment Management LLC grew its stake in shares of Rigel Pharmaceuticals by 19.7% during the fourth quarter. MetLife Investment Management LLC now owns 12,258 shares of the biotechnology company's stock worth $206,000 after purchasing an additional 2,014 shares during the period. Geode Capital Management LLC grew its stake in Rigel Pharmaceuticals by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company's stock valued at $6,764,000 after acquiring an additional 2,388 shares during the period. Finally, State Street Corp boosted 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 worth $5,951,000 after buying an additional 2,552 shares during the period. 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.