Rigel Pharmaceuticals, Inc. $RIGL Position Boosted by Squarepoint Ops LLC

Squarepoint Ops LLC increased its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 64.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,215 shares of the biotechnology company’s stock after purchasing an additional 14,135 shares during the period. Squarepoint Ops LLC owned 0.20% of Rigel Pharmaceuticals worth $678,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in 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 buying an additional 15,141 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Rigel Pharmaceuticals during the 1st quarter valued at approximately $2,412,000. Nuveen LLC bought a new position in Rigel Pharmaceuticals during the first quarter worth $2,073,000. Wellington Management Group LLP boosted its holdings in Rigel Pharmaceuticals by 75.5% in the first quarter. Wellington Management Group LLP now owns 61,398 shares of the biotechnology company’s stock worth $1,105,000 after purchasing an additional 26,415 shares during the period. Finally, Virtus Advisers LLC acquired a new position in Rigel Pharmaceuticals in the first quarter worth $40,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald raised their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Wall Street Zen upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Sunday. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Finally, Jefferies Financial Group upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price target for the stock from $23.00 to $42.00 in a research report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $43.20.

Rigel Pharmaceuticals Trading Down 0.5%

Rigel Pharmaceuticals stock opened at $43.94 on Wednesday. Rigel Pharmaceuticals, Inc. has a 52-week low of $14.63 and a 52-week high of $52.24. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $797.51 million, a price-to-earnings ratio of 7.12 and a beta of 1.11. The firm has a 50-day moving average price of $39.27 and a two-hundred day moving average price of $31.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 EPS for the quarter, beating the consensus estimate of $0.93 by $0.53. The company had revenue of $69.46 million for the quarter, compared to analyst estimates of $61.88 million. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. Sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Rigel Pharmaceuticals Company 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).