Hillsdale Investment Management Inc. Purchases 151,500 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Hillsdale Investment Management Inc. increased its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 814.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,100 shares of the biotechnology company's stock after purchasing an additional 151,500 shares during the quarter. Hillsdale Investment Management Inc. owned approximately 0.97% of Rigel Pharmaceuticals worth $2,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Globeflex Capital L P increased its stake in shares of Rigel Pharmaceuticals by 468.4% during the fourth quarter. Globeflex Capital L P now owns 52,295 shares of the biotechnology company's stock valued at $880,000 after buying an additional 43,095 shares during the period. Catalyst Funds Management Pty Ltd raised its holdings in Rigel Pharmaceuticals by 777.8% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 23,700 shares of the biotechnology company's stock worth $399,000 after purchasing an additional 21,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Rigel Pharmaceuticals by 42.0% in the 4th 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. Los Angeles Capital Management LLC lifted its position in shares of Rigel Pharmaceuticals by 15.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock worth $1,447,000 after purchasing an additional 11,499 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Rigel Pharmaceuticals by 10.3% during the 4th quarter. Bank of New York Mellon Corp now owns 50,195 shares of the biotechnology company's stock valued at $844,000 after purchasing an additional 4,672 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company's stock.

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Rigel Pharmaceuticals Stock Down 3.1 %

NASDAQ:RIGL traded down $0.59 during mid-day trading on Thursday, hitting $18.39. 184,711 shares of the company traded hands, compared to its average volume of 203,498. The stock's fifty day moving average price is $21.04 and its 200-day moving average price is $19.15. The firm has a market cap of $328.50 million, a price-to-earnings ratio of 131.37 and a beta of 1.35. Rigel Pharmaceuticals, Inc. has a one year low of $7.48 and a one year high of $29.82.

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

Insider Activity

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 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 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 $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the business's stock in a transaction dated Tuesday, February 4th. The shares were 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 in the company, valued at $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. Insiders have sold 9,113 shares of company stock worth $190,644 in the last three months. Company insiders own 9.04% of the company's stock.

Analyst Ratings Changes

RIGL has been the topic of several research reports. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Citigroup raised their price objective 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. HC Wainwright reaffirmed a "buy" rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. StockNews.com cut shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. Finally, 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 report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $36.80.

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.