PDT Partners LLC Purchases New Holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 19,914 shares of the biotechnology company's stock, valued at approximately $322,000. PDT Partners LLC owned about 0.11% of Rigel Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in RIGL. Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals during the third quarter worth about $7,148,000. Vanguard Group Inc. grew its position in Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company's stock worth $13,864,000 after buying an additional 414,207 shares in the last quarter. FMR LLC grew its position in Rigel Pharmaceuticals by 119.4% during the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company's stock worth $778,000 after buying an additional 26,184 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Rigel Pharmaceuticals by 29.7% during 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 buying an additional 22,443 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company's stock worth $340,000 after buying an additional 19,391 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL traded down $0.56 during trading on Wednesday, reaching $26.49. The stock had a trading volume of 119,988 shares, compared to its average volume of 163,514. Rigel Pharmaceuticals, Inc. has a 52 week low of $7.48 and a 52 week high of $29.82. The business's 50-day moving average price is $19.03 and its 200 day moving average price is $13.67. The stock has a market capitalization of $466.49 million, a PE ratio of 193.23 and a beta of 1.22.

Analyst Ratings Changes

A number of research firms recently weighed in on RIGL. Citigroup lifted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Cantor Fitzgerald restated a "neutral" rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. HC Wainwright restated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, October 25th. Finally, Piper Sandler raised their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $31.30.

Rigel Pharmaceuticals 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.