Assenagon Asset Management S.A. Increases Stock Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Assenagon Asset Management S.A. lifted its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 27.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 522,781 shares of the biotechnology company's stock after purchasing an additional 112,003 shares during the quarter. Assenagon Asset Management S.A. owned about 2.93% of Rigel Pharmaceuticals worth $9,405,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at approximately $288,000. Two Sigma Investments LP purchased a new stake in Rigel Pharmaceuticals during the fourth quarter valued at $1,025,000. Deutsche Bank AG lifted its position in Rigel Pharmaceuticals by 100.5% during the fourth quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock valued at $231,000 after purchasing an additional 6,890 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Rigel Pharmaceuticals by 587.9% during the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock valued at $3,036,000 after purchasing an additional 154,254 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 15.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock worth $1,447,000 after buying an additional 11,499 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Trading Down 6.2%

Shares of NASDAQ:RIGL traded down $1.27 during trading hours on Tuesday, hitting $19.16. 210,219 shares of the company's stock traded hands, compared to its average volume of 220,745. The firm has a market capitalization of $342.39 million, a P/E ratio of 9.26 and a beta of 1.29. The business has a fifty day moving average price of $19.13 and a 200-day moving average price of $19.62. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.20 and a quick ratio of 2.13.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.49. Rigel Pharmaceuticals had a negative return on equity of 655.26% and a net margin of 18.31%. The company had revenue of $53.33 million during the quarter, compared to analysts' expectations of $43.87 million. During the same quarter in the previous year, the business earned ($0.50) EPS. Equities 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 subject of a number of analyst reports. Citigroup increased their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Cantor Fitzgerald upped their price objective on Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Wall Street Zen cut Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. HC Wainwright reissued a "buy" rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Finally, B. Riley raised their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.40.

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.