Alps Advisors Inc. Invests $578,000 in Rigel Pharmaceuticals, Inc. $RIGL

Alps Advisors Inc. purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 20,403 shares of the biotechnology company’s stock, valued at approximately $578,000. Alps Advisors Inc. owned approximately 0.11% of Rigel Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RIGL. AlphaQuest LLC grew its position in Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after buying an additional 775 shares during the period. Laurel Wealth Advisors LLC boosted its stake in shares of Rigel Pharmaceuticals by 1,773.3% during 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 grew its holdings in shares of Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after acquiring an additional 2,442 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $199,000. Finally, Ritholtz Wealth Management purchased a new position in Rigel Pharmaceuticals in the 3rd quarter valued at approximately $215,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $34.22 on Friday. The stock has a fifty day moving average price of $39.82 and a 200 day moving average price of $36.71. Rigel Pharmaceuticals, Inc. has a 52 week low of $15.50 and a 52 week high of $52.24. The firm has a market capitalization of $621.09 million, a P/E ratio of 5.55 and a beta of 1.11. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25.

Analyst Ratings Changes

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