Wellington Management Group LLP Buys Shares of 34,983 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Wellington Management Group LLP purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 34,983 shares of the biotechnology company’s stock, valued at approximately $588,000. Wellington Management Group LLP owned approximately 0.20% of Rigel Pharmaceuticals as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. acquired a new stake in Rigel Pharmaceuticals in the fourth quarter valued at about $63,000. SG Americas Securities LLC boosted its stake in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 2,827 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at approximately $193,000. Prudential Financial Inc. bought a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $197,000. Finally, Catalyst Funds Management Pty Ltd increased its position in Rigel Pharmaceuticals by 777.8% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 23,700 shares of the biotechnology company’s stock worth $399,000 after purchasing an additional 21,000 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the transaction, the chief executive officer now directly owns 243,854 shares of the company’s stock, valued at approximately $5,101,425.68. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David A. Santos sold 2,125 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. The trade was a 3.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is currently owned by insiders.

Rigel Pharmaceuticals Stock Up 3.2 %

Shares of Rigel Pharmaceuticals stock opened at $17.21 on Tuesday. The stock has a market cap of $307.42 million, a price-to-earnings ratio of 122.94 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. The company’s fifty day moving average is $19.80 and its 200 day moving average is $19.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million during the quarter, compared to analysts’ expectations of $57.59 million. As a group, equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIGL. B. Riley raised their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, March 5th. Citigroup boosted their price objective on 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 reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Finally, StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $36.80.

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.