Hillsdale Investment Management Inc. Grows Stock Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Hillsdale Investment Management Inc. raised its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 814.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 170,100 shares of the biotechnology company's stock after buying an additional 151,500 shares during the period. Hillsdale Investment Management Inc. owned about 0.97% of Rigel Pharmaceuticals worth $2,861,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company's stock valued at $6,468,000 after buying an additional 8,881 shares in the last quarter. State Street Corp lifted its holdings in Rigel Pharmaceuticals by 0.7% during the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock valued at $5,951,000 after purchasing an additional 2,552 shares in the last quarter. Stonepine Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company's stock valued at $5,001,000 after purchasing an additional 4,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Rigel Pharmaceuticals by 42.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 139,128 shares of the biotechnology company's stock worth $2,340,000 after purchasing an additional 41,122 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 15.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock valued at $1,447,000 after purchasing an additional 11,499 shares during the period. 66.23% of the stock is owned by institutional investors.

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Rigel Pharmaceuticals Trading Down 7.9 %

Shares of RIGL traded down $1.62 during midday trading on Tuesday, reaching $18.92. 197,513 shares of the stock were exchanged, compared to its average volume of 202,238. The company has a market capitalization of $337.97 million, a P/E ratio of 135.15 and a beta of 1.35. Rigel Pharmaceuticals, Inc. has a 52 week low of $7.48 and a 52 week high of $29.82. The company's 50 day moving average is $20.98 and its two-hundred day moving average is $19.11.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RIGL. HC Wainwright restated a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. StockNews.com cut Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. B. Riley increased their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Citigroup lifted their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Cantor Fitzgerald increased 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

Insider Activity

In related news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David A. Santos sold 2,125 shares of the firm's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the transaction, the executive vice president now owns 53,500 shares of the company's stock, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company's stock.

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.