Cantor Fitzgerald Weighs in on Rigel Pharmaceuticals, Inc.’s FY2024 Earnings (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Investment analysts at Cantor Fitzgerald lifted their FY2024 earnings per share (EPS) estimates for Rigel Pharmaceuticals in a research note issued on Wednesday, May 8th. Cantor Fitzgerald analyst K. Kluska now forecasts that the biotechnology company will post earnings per share of $0.05 for the year, up from their prior forecast of $0.04. Cantor Fitzgerald has a “Neutral” rating and a $3.00 price target on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.05) per share.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same quarter in the prior year, the company posted ($0.08) EPS.

A number of other research firms have also recently commented on RIGL. Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday. HC Wainwright restated a “buy” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday. Finally, B. Riley reiterated a “neutral” rating and issued a $1.25 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $5.81.

Rigel Pharmaceuticals Stock Performance

Shares of Rigel Pharmaceuticals stock opened at $1.02 on Friday. Rigel Pharmaceuticals has a one year low of $0.71 and a one year high of $1.96. The company has a market capitalization of $178.91 million, a PE ratio of -8.50 and a beta of 1.06. The company has a 50-day simple moving average of $1.29 and a two-hundred day simple moving average of $1.21.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its position in Rigel Pharmaceuticals by 1.7% in the third quarter. Acadian Asset Management LLC now owns 4,660,740 shares of the biotechnology company’s stock valued at $5,033,000 after purchasing an additional 79,228 shares during the period. GSA Capital Partners LLP lifted its stake in Rigel Pharmaceuticals by 170.9% during the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock worth $1,049,000 after acquiring an additional 612,815 shares in the last quarter. 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. BNP Paribas Financial Markets grew its position in Rigel Pharmaceuticals by 24.2% in 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 in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Rigel Pharmaceuticals by 22.0% during the third quarter. Principal Financial Group Inc. now owns 121,938 shares of the biotechnology company’s stock worth $132,000 after purchasing an additional 21,962 shares in the last quarter. 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.