Range Financial Group LLC Takes $1.29 Million Position in Rigel Pharmaceuticals, Inc. $RIGL

Range Financial Group LLC bought a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 45,377 shares of the biotechnology company’s stock, valued at approximately $1,286,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Rigel Pharmaceuticals by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after acquiring an additional 555 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 1,464 shares during the period. Man Group plc raised its stake in shares of Rigel Pharmaceuticals by 14.6% in the second quarter. Man Group plc now owns 11,772 shares of the biotechnology company’s stock valued at $220,000 after purchasing an additional 1,501 shares in the last quarter. RMG Wealth Management LLC bought a new position in Rigel Pharmaceuticals in the second quarter worth $41,000. Finally, Legal & General Group Plc boosted its stake in Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after buying an additional 2,442 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Stock Down 2.1%

Shares of RIGL opened at $43.08 on Tuesday. The business’s 50 day simple moving average is $40.52 and its 200-day simple moving average is $32.58. Rigel Pharmaceuticals, Inc. has a one year low of $15.50 and a one year high of $52.24. The company has a market capitalization of $781.90 million, a P/E ratio of 6.98 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, topping the consensus estimate of $0.93 by $0.53. Rigel Pharmaceuticals had a return on equity of 204.70% and a net margin of 40.17%.The company had revenue of $69.46 million for the quarter, compared to analysts’ expectations of $61.88 million. As a group, sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price target for the stock from $23.00 to $42.00 in a research note on Wednesday, November 5th. Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $43.20.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).