Acadian Asset Management LLC Has $10.16 Million Stake in 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 raised its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 50.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 565,045 shares of the biotechnology company's stock after acquiring an additional 188,679 shares during the quarter. Acadian Asset Management LLC owned approximately 3.16% of Rigel Pharmaceuticals worth $10,161,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Separately, Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $38.20.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL traded down $0.66 during trading hours on Monday, hitting $37.30. The company had a trading volume of 742,843 shares, compared to its average volume of 730,196. The firm has a market cap of $669.16 million, a price-to-earnings ratio of 6.89 and a beta of 1.26. The business has a fifty day moving average of $30.52 and a 200-day moving average of $23.11. Rigel Pharmaceuticals, Inc. has a 12 month low of $13.37 and a 12 month high of $43.72. The company has a quick ratio of 1.90, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

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

About Rigel Pharmaceuticals

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.