Rock Springs Capital Management LP Acquires 100,000 Shares of Rigel Pharmaceuticals, Inc. (RIGL)


Rock Springs Capital Management LP raised its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 4.0% in the first quarter, Holdings Channel reports. The fund owned 2,575,000 shares of the biotechnology company’s stock after buying an additional 100,000 shares during the period. Rock Springs Capital Management LP’s holdings in Rigel Pharmaceuticals were worth $9,116,000 at the end of the most recent reporting period.


Other hedge funds have also added to or reduced their stakes in the company. Teachers Advisors LLC raised its holdings in Rigel Pharmaceuticals by 16.8% in the 4th quarter. Teachers Advisors LLC now owns 265,727 shares of the biotechnology company’s stock valued at $1,031,000 after acquiring an additional 38,260 shares during the last quarter. Quantitative Investment Management LLC acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at about $109,000. California State Teachers Retirement System raised its holdings in Rigel Pharmaceuticals by 16.8% in the 4th quarter. California State Teachers Retirement System now owns 233,174 shares of the biotechnology company’s stock valued at $905,000 after acquiring an additional 33,507 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Rigel Pharmaceuticals by 35.4% in the 4th quarter. Bank of New York Mellon Corp now owns 748,963 shares of the biotechnology company’s stock valued at $2,905,000 after acquiring an additional 195,791 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Rigel Pharmaceuticals by 20.7% in the 4th quarter. BlackRock Inc. now owns 11,225,669 shares of the biotechnology company’s stock valued at $43,556,000 after acquiring an additional 1,924,998 shares during the last quarter. Institutional investors own 84.51% of the company’s stock.


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Rigel Pharmaceuticals opened at $3.22 on Tuesday, Marketbeat Ratings reports. Rigel Pharmaceuticals, Inc. has a 1-year low of $2.14 and a 1-year high of $4.71. The company has a market capitalization of $580.71 million, a PE ratio of -5.19 and a beta of 1.36.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 1st. The biotechnology company reported ($0.17) earnings per share for the quarter, meeting the consensus estimate of ($0.17). During the same quarter in the previous year, the firm posted ($0.13) earnings per share. sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.65 earnings per share for the current year.


A number of analysts have commented on RIGL shares. Jefferies Financial Group increased their price objective on shares of Rigel Pharmaceuticals to $7.00 and gave the company a “buy” rating in a report on Wednesday, April 18th. They noted that the move was a valuation call. HC Wainwright set a $8.00 price objective on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, April 18th. Cantor Fitzgerald set a $6.00 price objective on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, April 17th. BidaskClub raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Finally, Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $7.63.


Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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Institutional Ownership by Quarter for Rigel Pharmaceuticals (NASDAQ:RIGL)