Invesco Ltd. Purchases Shares of 134,072 Rigel Pharmaceuticals, Inc. $RIGL

Invesco Ltd. purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 134,072 shares of the biotechnology company’s stock, valued at approximately $2,412,000. Invesco Ltd. owned about 0.75% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Soleus Capital Management L.P. boosted its holdings in Rigel Pharmaceuticals by 21.0% in the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company’s stock valued at $19,018,000 after purchasing an additional 195,891 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Rigel Pharmaceuticals by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company’s stock worth $18,495,000 after acquiring an additional 15,141 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Rigel Pharmaceuticals by 27.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company’s stock valued at $9,405,000 after acquiring an additional 112,003 shares during the period. CM Management LLC increased its stake in shares of Rigel Pharmaceuticals by 3.1% in the 1st quarter. CM Management LLC now owns 250,000 shares of the biotechnology company’s stock valued at $4,498,000 after purchasing an additional 7,500 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Rigel Pharmaceuticals by 14.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 202,089 shares of the biotechnology company’s stock valued at $3,399,000 after purchasing an additional 24,749 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Cantor Fitzgerald upped their price target on Rigel Pharmaceuticals from $23.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.20.

Rigel Pharmaceuticals Trading Down 1.2%

Shares of Rigel Pharmaceuticals stock opened at $38.85 on Friday. The firm has a market capitalization of $696.97 million, a PE ratio of 7.18 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a twelve month low of $12.66 and a twelve month high of $43.72. The firm’s 50-day moving average price is $26.17 and its 200 day moving average price is $21.78. The company has a current ratio of 2.02, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $1.31. The firm had revenue of $101.69 million for the quarter, compared to analyst estimates of $64.58 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

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.