Pacer Advisors Inc. Buys New Position in Rigel Pharmaceuticals, Inc. $RIGL

Pacer Advisors Inc. purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 77,480 shares of the biotechnology company’s stock, valued at approximately $2,195,000.

Other institutional investors also recently made changes to their positions in the company. RMG Wealth Management LLC bought a new position in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $41,000. Laurel Wealth Advisors LLC boosted its stake in Rigel Pharmaceuticals by 1,773.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock valued at $53,000 after purchasing an additional 2,660 shares in the last quarter. Legal & General Group Plc increased its position in shares of Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after purchasing an additional 2,442 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Rigel Pharmaceuticals during the 2nd quarter valued at $178,000. Finally, AQR Capital Management LLC bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $191,000. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Trading Down 0.6%

NASDAQ:RIGL opened at $42.83 on Wednesday. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. Rigel Pharmaceuticals, Inc. has a 1-year low of $15.50 and a 1-year high of $52.24. The firm has a market capitalization of $777.41 million, a price-to-earnings ratio of 6.94 and a beta of 1.10. The stock has a fifty day simple moving average of $40.77 and a 200 day simple moving average of $32.73.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (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 firm had revenue of $69.46 million for the quarter, compared to the consensus estimate of $61.88 million. Sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

RIGL has been the subject of several research reports. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and raised their target price for the company from $23.00 to $42.00 in a research note on Wednesday, November 5th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Hold” and an average target price of $43.20.

About Rigel Pharmaceuticals

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).