Arrowstreet Capital Limited Partnership Has $4.53 Million Stock Holdings in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Arrowstreet Capital cut its Rigel Pharmaceuticals stake by 59.5% in the first quarter, selling 246,317 shares and retaining 167,342 shares valued at approximately $4.53 million.
• Institutional ownership remains significant at 66.23%, with several investors—including Dimensional Fund Advisors and Principal Financial Group—adding to their positions.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $54.50; Rigel shares opened at $37.43, while the company recently missed quarterly earnings and revenue estimates.

Arrowstreet Capital Limited Partnership decreased its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 59.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,342 shares of the biotechnology company's stock after selling 246,317 shares during the period. Arrowstreet Capital Limited Partnership owned 0.90% of Rigel Pharmaceuticals worth $4,525,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RIGL. Sei Investments Co. boosted its holdings in Rigel Pharmaceuticals by 12.7% in the first quarter. Sei Investments Co. now owns 30,192 shares of the biotechnology company's stock valued at $816,000 after acquiring an additional 3,399 shares during the last quarter. First Trust Advisors LP raised its holdings in Rigel Pharmaceuticals by 2.8% during the 1st quarter. First Trust Advisors LP now owns 66,669 shares of the biotechnology company's stock worth $1,803,000 after purchasing an additional 1,844 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company's stock worth $10,259,000 after purchasing an additional 102,729 shares during the period. Watershed Asset Management L.L.C. acquired a new position in shares of Rigel Pharmaceuticals in the 1st quarter worth approximately $443,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Rigel Pharmaceuticals by 133.8% in the 1st quarter. Principal Financial Group Inc. now owns 48,646 shares of the biotechnology company's stock valued at $1,315,000 after purchasing an additional 27,843 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a research report on Friday, July 17th. Citigroup restated a "buy" rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Zacks Research cut shares of Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of "Hold" and an average price target of $54.50.

Rigel Pharmaceuticals Stock Up 1.7%

Shares of NASDAQ RIGL opened at $37.43 on Tuesday. The firm has a market cap of $692.46 million, a PE ratio of 2.00 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a 12-month low of $21.81 and a 12-month high of $52.24. The company's fifty day simple moving average is $36.08 and its 200 day simple moving average is $32.95. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.36). The company had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. As a group, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the transaction, the director directly owned 10,125 shares in the company, valued at $354,375. This trade represents a 19.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by insiders.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel's lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).

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