Norges Bank Takes $2.18 Million Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Norges Bank purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 129,506 shares of the biotechnology company's stock, valued at approximately $2,178,000. Norges Bank owned 0.74% of Rigel Pharmaceuticals at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Rigel Pharmaceuticals by 587.9% during the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after purchasing an additional 154,254 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in Rigel Pharmaceuticals during the 4th quarter worth about $610,000. Prudential Financial Inc. purchased a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at approximately $197,000. Vanguard Group Inc. raised its stake in Rigel Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company's stock valued at $17,038,000 after purchasing an additional 27,640 shares during the period. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Rigel Pharmaceuticals by 814.5% in the fourth quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock worth $2,861,000 after buying an additional 151,500 shares during the period. Institutional investors and hedge funds own 66.23% of the company's stock.

Rigel Pharmaceuticals Trading Down 1.0 %

RIGL traded down $0.17 during midday trading on Tuesday, reaching $17.04. The company's stock had a trading volume of 141,408 shares, compared to its average volume of 208,563. The company has a fifty day simple moving average of $19.80 and a 200 day simple moving average of $19.47. The stock has a market cap of $304.39 million, a P/E ratio of 121.72 and a beta of 1.32. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82.

Remove Ads

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) 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 analyst estimates of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. Sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RIGL shares. StockNews.com downgraded Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. HC Wainwright reissued a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Finally, B. Riley raised their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.80.

Insider Activity at Rigel Pharmaceuticals

In other news, EVP David A. Santos sold 2,125 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 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 approximately $1,119,220. This represents a 3.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Raul R. Rodriguez sold 4,952 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 $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares of the company's stock, valued at $5,101,425.68. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is owned by corporate insiders.

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.