Cantor Fitzgerald Brokers Raise Earnings Estimates for RIGL

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Stock analysts at Cantor Fitzgerald raised their FY2024 EPS estimates for shares of Rigel Pharmaceuticals in a note issued to investors on Tuesday, January 14th. Cantor Fitzgerald analyst K. Kluska now expects that the biotechnology company will post earnings of $0.33 per share for the year, up from their previous estimate of $0.19. Cantor Fitzgerald currently has a “Neutral” rating and a $25.00 price target on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is $0.17 per share.

Other equities research analysts have also issued research reports about the company. B. Riley increased their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. HC Wainwright reiterated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday. Citigroup upped their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Piper Sandler boosted their price objective on shares of 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL opened at $17.35 on Thursday. The business’s 50-day moving average is $21.04 and its two-hundred day moving average is $15.60. The firm has a market capitalization of $305.53 million, a PE ratio of 123.94 and a beta of 1.31. Rigel Pharmaceuticals has a 12 month low of $7.48 and a 12 month high of $29.82.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the 3rd quarter worth approximately $7,148,000. Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 8,881 shares in the last quarter. State Street Corp lifted its stake in 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 purchasing an additional 2,552 shares during the last quarter. Stonepine Capital Management LLC lifted its stake in 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 purchasing an additional 4,100 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 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 purchasing an additional 22,443 shares during the period. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.