535,685 Shares of Rigel Pharmaceuticals, Inc. $RIGL Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 535,685 Rigel Pharmaceuticals shares worth approximately $25.8 million, representing about 2.9% of the company. Institutional investors collectively own 66.23% of Rigel.
• Rigel reported quarterly EPS of $0.88, beating the $0.09 consensus estimate, while revenue of $78.7 million exceeded expectations of $55.27 million. Analysts project full-year EPS of $2.98.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two a Hold and one a Sell, producing an overall “Hold” consensus and a $59 average price target versus the reported share price of $45.97.

Assenagon Asset Management S.A. bought a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 535,685 shares of the biotechnology company's stock, valued at approximately $25,793,000. Assenagon Asset Management S.A. owned approximately 2.90% of Rigel Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. State of Alaska Department of Revenue bought a new position in Rigel Pharmaceuticals during the third quarter valued at about $275,000. Venture Visionary Partners LLC bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $296,000. Juncture Wealth Strategies LLC bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $220,000. Integrated Wealth Concepts LLC acquired a new position in Rigel Pharmaceuticals in the second quarter worth approximately $38,000. Finally, Squarepoint Ops LLC increased its holdings in shares of Rigel Pharmaceuticals by 137.1% in the second quarter. Squarepoint Ops LLC now owns 66,658 shares of the biotechnology company's stock valued at $2,608,000 after buying an additional 38,550 shares in the last quarter. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $45.97 on Monday. The stock has a market cap of $850.45 million, a price-to-earnings ratio of 2.82 and a beta of 1.19. The business has a 50 day simple moving average of $46.52 and a 200 day simple moving average of $38.07. Rigel Pharmaceuticals, Inc. has a 52 week low of $24.95 and a 52 week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.79. The firm had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. On average, analysts predict that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current year.

Wall Street Analyst Weigh In

RIGL has been the topic of several research reports. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Zacks Research lowered Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Piper Sandler reissued a "neutral" rating and set a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Citigroup restated a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Finally, Weiss Ratings raised Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $59.00.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel's marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.