Bank of America Corp DE Has $3.90 Million Stock Holdings in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Bank of America increased its Rigel Pharmaceuticals stake by 23.2% in the first quarter, holding 144,131 shares worth approximately $3.90 million. Institutional investors collectively own 66.23% of RIGL.
• Rigel reported quarterly earnings of $0.88 per share, far exceeding the $0.09 analyst estimate, while revenue of $78.70 million also surpassed expectations.
• Analyst sentiment remains mixed: HC Wainwright raised its price target to $85 and maintained a buy rating, while the broader consensus is “Hold” with a $59 average target price.

Bank of America Corp DE raised its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 23.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 144,131 shares of the biotechnology company's stock after acquiring an additional 27,179 shares during the period. Bank of America Corp DE owned about 0.78% of Rigel Pharmaceuticals worth $3,897,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of RIGL. State Street Corp boosted its holdings in Rigel Pharmaceuticals by 96.9% during the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company's stock worth $46,737,000 after purchasing an additional 536,905 shares during the last quarter. LSV Asset Management raised its holdings in Rigel Pharmaceuticals by 390.8% during the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company's stock worth $23,312,000 after acquiring an additional 433,382 shares in the last quarter. Millennium Management LLC raised its holdings in Rigel Pharmaceuticals by 309.7% during the fourth quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company's stock worth $18,479,000 after acquiring an additional 326,159 shares in the last quarter. Marshall Wace LLP boosted its position in Rigel Pharmaceuticals by 63.0% during the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company's stock valued at $17,036,000 after purchasing an additional 232,383 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in Rigel Pharmaceuticals by 110.6% during the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company's stock valued at $10,226,000 after purchasing an additional 189,542 shares during the last quarter. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $46.48 on Friday. Rigel Pharmaceuticals, Inc. has a 52 week low of $24.95 and a 52 week high of $52.24. The stock has a market capitalization of $859.88 million, a P/E ratio of 2.85 and a beta of 1.16. The stock has a 50-day simple moving average of $40.73 and a 200 day simple moving average of $33.90.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share 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%. Research analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current year.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the transaction, the director directly owned 10,125 shares of the company's stock, valued at approximately $354,375. The trade was a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RIGL. HC Wainwright reaffirmed a "buy" rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Citigroup reissued a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Zacks Research raised shares of Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings cut shares of Rigel Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. Finally, Piper Sandler restated a "neutral" rating and set a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $59.00.

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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