Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 29.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,006 shares of the biotechnology company's stock after purchasing an additional 22,443 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.56% of Rigel Pharmaceuticals worth $1,586,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new position in Rigel Pharmaceuticals in the second quarter worth approximately $141,000. Bayesian Capital Management LP raised its stake in Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company's stock valued at $45,000 after buying an additional 19,100 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 34.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company's stock worth $1,205,000 after buying an additional 19,094 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $7,148,000. Finally, Vanguard Group Inc. raised its position in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company's stock worth $13,864,000 after acquiring an additional 414,207 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Trading Up 4.4 %

Shares of Rigel Pharmaceuticals stock traded up $1.18 during trading hours on Wednesday, hitting $27.88. 210,570 shares of the company were exchanged, compared to its average volume of 163,086. The business has a 50-day moving average of $17.70 and a 200-day moving average of $13.04. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82. The stock has a market capitalization of $491.11 million, a price-to-earnings ratio of 194.64 and a beta of 0.96.

Wall Street Analyst Weigh In

Several equities analysts have commented on RIGL shares. StockNews.com upgraded shares of Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. 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. HC Wainwright reissued a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Finally, Piper Sandler lifted their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $31.30.

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.