Y Intercept Hong Kong Ltd Takes $675,000 Position in Rigel Pharmaceuticals, Inc. $RIGL

Y Intercept Hong Kong Ltd purchased a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 23,817 shares of the biotechnology company’s stock, valued at approximately $675,000. Y Intercept Hong Kong Ltd owned 0.13% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. RMG Wealth Management LLC purchased a new stake in Rigel Pharmaceuticals during the second quarter worth $41,000. Laurel Wealth Advisors LLC raised its position in shares of Rigel Pharmaceuticals by 1,773.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock worth $53,000 after acquiring an additional 2,660 shares in the last quarter. Legal & General Group Plc lifted its stake 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 worth $81,000 after purchasing an additional 2,442 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Rigel Pharmaceuticals during the second quarter valued at about $178,000. Finally, AQR Capital Management LLC bought a new stake in Rigel Pharmaceuticals during the first quarter valued at about $191,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Up 3.3%

Rigel Pharmaceuticals stock opened at $36.01 on Tuesday. The stock has a 50-day moving average price of $42.05 and a 200 day moving average price of $36.12. The company has a market capitalization of $653.62 million, a price-to-earnings ratio of 5.84 and a beta of 1.11. Rigel Pharmaceuticals, Inc. has a 52 week low of $15.50 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.

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

Analyst Ratings Changes

A number of brokerages have commented on RIGL. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, January 20th. Finally, Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target 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).