Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Position Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 42.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 139,128 shares of the biotechnology company's stock after purchasing an additional 41,122 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.79% of Rigel Pharmaceuticals worth $2,340,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RIGL. China Universal Asset Management Co. Ltd. purchased a new stake in Rigel Pharmaceuticals in the fourth quarter valued at approximately $63,000. SG Americas Securities LLC grew its stake in Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after buying an additional 2,827 shares during the period. Franklin Resources Inc. purchased a new stake in Rigel Pharmaceuticals during the third quarter worth approximately $193,000. Empire Financial Management Company LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter worth approximately $231,000. Finally, PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter worth approximately $322,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now directly owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $103,595.84. Following the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,113 shares of company stock valued at $190,644. Company insiders own 9.04% of the company's stock.

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Rigel Pharmaceuticals Price Performance

RIGL traded down $0.17 during trading on Friday, hitting $20.20. The company had a trading volume of 674,225 shares, compared to its average volume of 201,895. The company has a market cap of $360.83 million, a PE ratio of 144.30 and a beta of 1.35. The business has a 50-day moving average of $20.91 and a 200-day moving average of $18.98. Rigel Pharmaceuticals, Inc. has a 1-year low of $7.48 and a 1-year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.50. The firm had revenue of $57.60 million for the quarter, compared to analysts' expectations of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Research analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RIGL shares. StockNews.com downgraded shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. B. Riley upped their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. HC Wainwright restated a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Finally, Citigroup upped their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

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.