Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Position Raised by Globeflex Capital L P

Globeflex Capital L P increased its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 468.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,295 shares of the biotechnology company's stock after buying an additional 43,095 shares during the quarter. Globeflex Capital L P owned about 0.30% of Rigel Pharmaceuticals worth $880,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals during the 3rd quarter worth $322,000. Los Angeles Capital Management LLC increased its position in shares of Rigel Pharmaceuticals by 34.5% during the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company's stock worth $1,205,000 after acquiring an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted 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 acquiring an additional 22,443 shares in the last quarter. Barclays PLC boosted its holdings in Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock valued at $442,000 after purchasing an additional 16,772 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company's stock valued at $425,000 after purchasing an additional 8,140 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of equities analysts have issued reports on RIGL shares. Cantor Fitzgerald upped their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. 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 price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. HC Wainwright reissued a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Finally, Citigroup lifted their price objective on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.

Rigel Pharmaceuticals Stock Up 0.5 %

NASDAQ RIGL traded up $0.11 during trading hours on Wednesday, hitting $20.44. The company had a trading volume of 112,271 shares, compared to its average volume of 199,404. The firm has a market cap of $365.12 million, a P/E ratio of 146.01 and a beta of 1.35. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The business has a fifty day simple moving average of $20.66 and a 200-day simple moving average of $18.91.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.50. The business 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%. Equities analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity

In related news, CEO Raul R. Rodriguez sold 4,952 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David A. Santos sold 2,125 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares of the company's stock, valued at $1,119,220. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,113 shares of company stock valued at $190,644. Insiders own 9.04% 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.