Assenagon Asset Management S.A. Decreases Holdings in Rigel Pharmaceuticals, Inc. $RIGL

Assenagon Asset Management S.A. reduced its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 91.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 19,330 shares of the biotechnology company’s stock after selling 220,675 shares during the quarter. Assenagon Asset Management S.A. owned 0.11% of Rigel Pharmaceuticals worth $548,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Armistice Capital LLC grew its position in shares of Rigel Pharmaceuticals by 5.5% during the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock valued at $29,968,000 after acquiring an additional 84,000 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth approximately $488,000. Strs Ohio purchased a new position in Rigel Pharmaceuticals in the first quarter valued at approximately $389,000. Acadian Asset Management LLC lifted its stake in Rigel Pharmaceuticals by 50.1% in the first quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock valued at $10,161,000 after purchasing an additional 188,679 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Rigel Pharmaceuticals by 7.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 217,776 shares of the biotechnology company’s stock valued at $3,918,000 after purchasing an additional 15,687 shares during the period. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL opened at $44.66 on Friday. The company has a 50 day moving average of $39.93 and a 200 day moving average of $32.11. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. The stock has a market cap of $810.58 million, a P/E ratio of 7.24 and a beta of 1.11. Rigel Pharmaceuticals, Inc. has a 12 month low of $15.50 and a 12 month high of $52.24.

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 firm had revenue of $69.46 million during the quarter, compared to the consensus estimate of $61.88 million. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. As a group, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Wall Street Zen raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Zacks Research cut Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $23.00 to $42.00 in a research report on Wednesday, November 5th. Finally, Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $43.20.

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).