Los Angeles Capital Management LLC Boosts Stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Los Angeles Capital Management LLC raised its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 15.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 86,001 shares of the biotechnology company's stock after purchasing an additional 11,499 shares during the period. Los Angeles Capital Management LLC owned 0.49% of Rigel Pharmaceuticals worth $1,447,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 2.3% in the third 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 during the period. State Street Corp raised its position in shares of Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock worth $5,951,000 after acquiring an additional 2,552 shares in the last quarter. Stonepine Capital Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 1.3% in the 3rd 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 during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Rigel Pharmaceuticals by 29.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company's stock valued at $1,586,000 after purchasing an additional 22,443 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Rigel Pharmaceuticals by 10.3% during the fourth quarter. Bank of New York Mellon Corp now owns 50,195 shares of the biotechnology company's stock worth $844,000 after purchasing an additional 4,672 shares during the period. Institutional investors and hedge funds own 66.23% of the company's stock.

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Rigel Pharmaceuticals Trading Down 1.0 %

Shares of RIGL stock traded down $0.23 on Tuesday, hitting $22.14. 152,517 shares of the stock were exchanged, compared to its average volume of 234,519. The firm's 50 day moving average is $19.90 and its two-hundred day moving average is $18.33. Rigel Pharmaceuticals, Inc. has a one year low of $7.48 and a one year high of $29.82. The firm has a market capitalization of $390.00 million, a PE ratio of 156.96 and a beta of 1.34.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RIGL shares. HC Wainwright reissued a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd. B. Riley upped their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. StockNews.com lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $36.20.

Insiders Place Their Bets

In other news, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The shares were 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 of the company's stock, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the sale, the executive vice president now owns 53,500 shares in the company, valued at $1,119,220. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock worth $190,644 over the last 90 days. 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.