HC Wainwright Raises Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target to $57.00

Rigel Pharmaceuticals (NASDAQ:RIGL) had its price objective raised by equities researchers at HC Wainwright from $15.00 to $57.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 458.28% from the company’s current price. HC Wainwright also issued estimates for Rigel Pharmaceuticals’ Q3 2024 earnings at ($0.21) EPS, Q4 2024 earnings at ($0.28) EPS, FY2024 earnings at ($1.01) EPS, FY2025 earnings at $0.08 EPS and FY2026 earnings at $1.71 EPS.

Separately, StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, July 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.88.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL traded down $0.22 during mid-day trading on Friday, hitting $10.21. The stock had a trading volume of 54,533 shares, compared to its average volume of 103,549. The firm’s 50 day moving average is $9.54 and its 200 day moving average is $11.25. Rigel Pharmaceuticals has a twelve month low of $7.12 and a twelve month high of $17.30. The stock has a market capitalization of $179.29 million, a price-to-earnings ratio of -8.51 and a beta of 0.96.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.31. The company had revenue of $36.84 million during the quarter, compared to analysts’ expectations of $32.38 million. During the same quarter in the previous year, the company earned ($0.40) earnings per share. As a group, equities research analysts expect that Rigel Pharmaceuticals will post -1.33 earnings per share for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently modified their holdings of RIGL. Bayesian Capital Management LP grew its holdings in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares during the period. SG Americas Securities LLC grew its holdings in shares of Rigel Pharmaceuticals by 57.7% during the 4th quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock worth $72,000 after purchasing an additional 18,180 shares during the period. Ground Swell Capital LLC purchased a new position in shares of Rigel Pharmaceuticals during the 2nd quarter worth $141,000. BNP Paribas Financial Markets boosted its holdings in Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after acquiring an additional 49,223 shares during the period. Finally, Los Angeles Capital Management LLC boosted its holdings in Rigel Pharmaceuticals by 49.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock valued at $893,000 after acquiring an additional 198,712 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

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.