Bank of America Corp DE Purchases 123,506 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Bank of America purchased 123,506 Rigel Pharmaceuticals shares valued at approximately $4.83 million, joining several institutions that recently increased or initiated positions. Institutional investors collectively own 66.23% of RIGL.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and an average price target of $59.00. HC Wainwright raised its target to $85, while Piper Sandler increased its target to $49 but maintained a neutral rating.
• Rigel reported quarterly EPS of $0.88, substantially above the $0.09 consensus estimate, while revenue reached $78.70 million versus expectations of $55.27 million. The stock recently opened at $49.36, near its 52-week high of $52.24.

Bank of America Corp DE purchased a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 123,506 shares of the biotechnology company's stock, valued at approximately $4,832,000. Bank of America Corp DE owned about 0.67% of Rigel Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Rigel Pharmaceuticals in the 2nd quarter worth about $75,886,000. Globeflex Capital L P acquired a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at about $4,408,000. Armistice Capital LLC grew its stake in shares of Rigel Pharmaceuticals by 15.5% in the 4th quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company's stock valued at $35,806,000 after buying an additional 112,000 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Rigel Pharmaceuticals in the second quarter worth approximately $4,233,000. Finally, Dimensional Fund Advisors LP increased its holdings in Rigel Pharmaceuticals by 37.1% in the first quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company's stock worth $10,259,000 after buying an additional 102,729 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on RIGL. Citigroup reissued a "buy" rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, September 9th. Piper Sandler reissued a "neutral" rating and set a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, Zacks Research raised shares of Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $59.00.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $49.36 on Tuesday. The stock has a market capitalization of $913.16 million, a price-to-earnings ratio of 3.02 and a beta of 1.20. The company has a 50-day moving average of $43.91 and a two-hundred day moving average of $35.95. Rigel Pharmaceuticals, Inc. has a 52-week low of $24.95 and a 52-week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. Equities analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

Rigel's principal commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for the treatment of adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.

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