Acadian Asset Management LLC Buys 188,679 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Acadian Asset Management LLC increased its stake in Rigel Pharmaceuticals by 50.1%, owning 565,045 shares valued at approximately $10.16 million.
• Analysts from Cantor Fitzgerald raised their target price for Rigel Pharmaceuticals from $23.00 to $32.00, while the stock currently has a consensus target price of $38.20.
• Rigel Pharmaceuticals reported an earnings per share (EPS) of $3.28 for the last quarter, surpassing analysts' expectations significantly.

Acadian Asset Management LLC increased its holdings in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 50.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 565,045 shares of the biotechnology company's stock after purchasing an additional 188,679 shares during the period. Acadian Asset Management LLC owned approximately 3.16% of Rigel Pharmaceuticals worth $10,161,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in RIGL. Dimensional Fund Advisors LP acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth approximately $288,000. Northern Trust Corp grew its stake in Rigel Pharmaceuticals by 1.1% during the fourth quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company's stock worth $2,453,000 after purchasing an additional 1,588 shares during the period. Jane Street Group LLC grew its stake in Rigel Pharmaceuticals by 144.4% during the fourth quarter. Jane Street Group LLC now owns 62,528 shares of the biotechnology company's stock worth $1,052,000 after purchasing an additional 36,939 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Rigel Pharmaceuticals by 47.1% during the fourth quarter. BNP Paribas Financial Markets now owns 30,901 shares of the biotechnology company's stock valued at $520,000 after acquiring an additional 9,893 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Rigel Pharmaceuticals by 12.3% during the fourth quarter. Bank of America Corp DE now owns 32,166 shares of the biotechnology company's stock valued at $541,000 after acquiring an additional 3,520 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald lifted their price target on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of "Hold" and an average target price of $38.20.

Rigel Pharmaceuticals Stock Up 0.8%

RIGL traded up $0.26 during trading on Thursday, hitting $34.48. 320,226 shares of the company's stock were exchanged, compared to its average volume of 334,908. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The business's 50 day moving average is $31.16 and its two-hundred day moving average is $23.26. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $13.48 and a fifty-two week high of $43.72. The stock has a market cap of $618.57 million, a P/E ratio of 6.36 and a beta of 1.27.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $1.31. Rigel Pharmaceuticals had a return on equity of 438.89% and a net margin of 36.51%.The company had revenue of $101.69 million for the quarter, compared to analysts' expectations of $64.58 million. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Company 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.