RMG Wealth Management LLC Makes New $41,000 Investment in Rigel Pharmaceuticals, Inc. $RIGL

RMG Wealth Management LLC acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,205 shares of the biotechnology company’s stock, valued at approximately $41,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Armistice Capital LLC increased its position in Rigel Pharmaceuticals by 31.6% during the 1st quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock valued at $27,273,000 after purchasing an additional 364,000 shares during the period. Vanguard Group Inc. increased its position in Rigel Pharmaceuticals by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock valued at $18,495,000 after purchasing an additional 15,141 shares during the period. Acadian Asset Management LLC increased its position in Rigel Pharmaceuticals by 50.1% during the 1st quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock valued at $10,161,000 after purchasing an additional 188,679 shares during the period. Assenagon Asset Management S.A. increased its position in Rigel Pharmaceuticals by 27.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company’s stock valued at $9,405,000 after purchasing an additional 112,003 shares during the period. Finally, CM Management LLC increased its position in Rigel Pharmaceuticals by 3.1% during the 1st quarter. CM Management LLC now owns 250,000 shares of the biotechnology company’s stock valued at $4,498,000 after purchasing an additional 7,500 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIGL. Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.20.

Rigel Pharmaceuticals Price Performance

RIGL opened at $29.50 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02. The stock has a market capitalization of $529.23 million, a P/E ratio of 5.45 and a beta of 1.20. The company’s 50-day simple moving average is $34.18 and its two-hundred day simple moving average is $24.25. Rigel Pharmaceuticals, Inc. has a 52-week low of $13.57 and a 52-week high of $43.72.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 EPS for the quarter, beating the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. The firm had revenue of $101.69 million during the quarter, compared to analyst estimates of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

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.