Research Analysts Issue Forecasts for RIGL FY2024 Earnings

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Research analysts at Cantor Fitzgerald lifted their FY2024 earnings per share (EPS) estimates for Rigel Pharmaceuticals in a report released 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 prior estimate of $0.19. Cantor Fitzgerald has a “Neutral” rating and a $25.00 price objective on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is $0.17 per share.

Several other research firms have also commented on RIGL. Piper Sandler increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Citigroup boosted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday. Finally, B. Riley lifted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.20.

Rigel Pharmaceuticals Trading Down 3.7 %

Shares of NASDAQ RIGL opened at $17.35 on Thursday. The company’s 50-day moving average price is $21.04 and its 200 day moving average price is $15.60. Rigel Pharmaceuticals has a 52 week low of $7.48 and a 52 week high of $29.82. The stock has a market cap of $305.53 million, a price-to-earnings ratio of 123.94 and a beta of 1.31.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. PDT Partners LLC acquired a new position in Rigel Pharmaceuticals during the third quarter worth approximately $322,000. Los Angeles Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Rigel Pharmaceuticals by 29.7% during the 3rd 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 last quarter. State Street Corp raised its position in shares of Rigel Pharmaceuticals by 0.7% in the 3rd 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. Finally, Geode Capital Management LLC boosted its holdings in Rigel Pharmaceuticals by 2.3% in the third 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 during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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.