Zacks Investment Management Purchases Shares of 85,423 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Zacks Investment Management acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 85,423 shares of the biotechnology company's stock, valued at approximately $1,437,000. Zacks Investment Management owned about 0.49% of Rigel Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in RIGL. Barclays PLC raised its holdings in shares of Rigel Pharmaceuticals by 158.6% during the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock worth $442,000 after purchasing an additional 16,772 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Rigel Pharmaceuticals by 45.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company's stock valued at $425,000 after buying an additional 8,140 shares during the period. SG Americas Securities LLC boosted its stake in shares of Rigel Pharmaceuticals by 42.8% in the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after buying an additional 2,827 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rigel Pharmaceuticals by 2.3% in the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company's stock valued at $6,468,000 after acquiring an additional 8,881 shares during the period. Finally, State Street Corp increased its holdings in shares of Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock valued at $5,951,000 after purchasing an additional 2,552 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL traded up $0.58 during midday trading on Thursday, reaching $18.74. 29,234 shares of the stock were exchanged, compared to its average volume of 209,472. The company has a 50 day simple moving average of $19.16 and a 200 day simple moving average of $19.47. The stock has a market capitalization of $334.74 million, a P/E ratio of 133.88 and a beta of 1.32. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.50. The business had revenue of $57.60 million for the quarter, compared to the consensus estimate of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. On average, research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

RIGL has been the topic of several analyst reports. StockNews.com lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 8th. B. Riley raised their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, March 5th. HC Wainwright reiterated a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Finally, Citigroup lifted their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the sale, the chief executive officer now owns 243,854 shares of the company's stock, valued at $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the completion of the transaction, the executive vice president now directly owns 53,500 shares of the company's stock, valued at approximately $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,113 shares of company stock valued at $190,644. Insiders own 9.04% of the company's stock.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.