Cantor Fitzgerald Issues Positive Outlook for RIGL Earnings

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Equities research analysts at Cantor Fitzgerald upped their FY2024 earnings 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 earn $0.33 per share 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.

Other equities analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday. Piper Sandler boosted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. B. Riley raised their target price on 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 shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, Citigroup increased their price target 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. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $18.01 on Thursday. The company has a market capitalization of $317.16 million, a price-to-earnings ratio of 128.65 and a beta of 1.31. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82. The company has a 50-day simple moving average of $20.98 and a two-hundred day simple moving average of $15.59.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter worth about $7,148,000. FMR LLC boosted its position in 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 purchasing an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 purchasing an additional 22,443 shares in the last quarter. PDT Partners LLC purchased a new position in shares of Rigel Pharmaceuticals in the third quarter worth about $322,000. Finally, BNP Paribas Financial Markets raised its position in shares of Rigel Pharmaceuticals by 1,199.2% in the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares during the period. Hedge funds and other 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.