B. Riley Issues Positive Forecast for Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) had its price target increased by B. Riley from $20.00 to $24.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the biotechnology company's stock. B. Riley's target price would indicate a potential upside of 16.96% from the company's current price. B. Riley also issued estimates for Rigel Pharmaceuticals' Q1 2025 earnings at $0.10 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.17 EPS, Q4 2025 earnings at $0.38 EPS, FY2025 earnings at $0.84 EPS and FY2026 earnings at $1.08 EPS.

Several other research firms also recently commented on RIGL. HC Wainwright reiterated a "buy" rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday. Cantor Fitzgerald lifted their price objective on 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 cut Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th. Citigroup lifted their price objective 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 company a "neutral" rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

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Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL traded up $0.82 during trading hours on Wednesday, reaching $20.52. The stock had a trading volume of 184,891 shares, compared to its average volume of 244,268. Rigel Pharmaceuticals has a 12-month low of $7.48 and a 12-month high of $29.82. The stock has a 50 day simple moving average of $20.22 and a 200 day simple moving average of $18.56. The stock has a market cap of $361.46 million, a P/E 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 (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.59 million. On average, equities analysts expect that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Insider Transactions at Rigel Pharmaceuticals

In related news, CEO Raul R. Rodriguez sold 4,952 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were 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 directly owns 243,854 shares in the company, valued at $5,101,425.68. The trade was a 1.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Dean L. Schorno sold 2,036 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the sale, the chief financial officer now directly owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. The trade was a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock valued at $190,644 in the last 90 days. Insiders own 9.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RIGL. Los Angeles Capital Management LLC lifted its position in shares of Rigel Pharmaceuticals by 34.5% during the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company's stock worth $1,205,000 after purchasing an additional 19,094 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Rigel Pharmaceuticals by 29.7% during 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 during the period. FMR LLC increased its stake in shares of Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company's stock worth $778,000 after buying an additional 26,184 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company's stock worth $340,000 after buying an additional 19,391 shares during the period. Finally, Stonepine Capital Management LLC increased its stake in shares of Rigel Pharmaceuticals by 1.3% during 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 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.