Bank of New York Mellon Corp Purchases Shares of 108,209 Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Bank of New York Mellon acquired 108,209 Rigel Pharmaceuticals shares worth approximately $4.23 million, giving it a 0.58% stake. Institutional investors and hedge funds collectively own 66.23% of RIGL.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the consensus rating is Hold and the average price target is $59.00. HC Wainwright raised its target to $85, while Piper Sandler set a $49 target.
• Rigel reported quarterly EPS of $0.88, beating estimates of $0.09, while revenue reached $78.70 million versus expectations of $55.27 million. The stock opened at $48.67 and has traded between $24.95 and $52.24 over the past year.

Bank of New York Mellon Corp purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 108,209 shares of the biotechnology company's stock, valued at approximately $4,233,000. Bank of New York Mellon Corp owned 0.58% of Rigel Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC acquired a new position in Rigel Pharmaceuticals during the 1st quarter worth $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 1,464 shares during the period. Legal & General Group Plc grew its position in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 2,442 shares during the last quarter. Rhumbline Advisers grew its position in shares of Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company's stock valued at $507,000 after purchasing an additional 555 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Rigel Pharmaceuticals in the second quarter worth about $317,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on RIGL shares. Citigroup reissued a "buy" rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Zacks Research raised Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. HC Wainwright reiterated a "buy" rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Weiss Ratings cut Rigel Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Finally, Piper Sandler restated a "neutral" rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $59.00.

Rigel Pharmaceuticals Stock Up 0.4%

Rigel Pharmaceuticals stock opened at $48.67 on Friday. The business has a 50 day moving average price of $41.86 and a two-hundred day moving average price of $34.37. Rigel Pharmaceuticals, Inc. has a 12 month low of $24.95 and a 12 month high of $52.24. The stock has a market cap of $900.39 million, a price-to-earnings ratio of 2.98 and a beta of 1.20.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.79. The company 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%. On average, analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares of the company's stock, valued at approximately $354,375. This trade represents a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.

About Rigel Pharmaceuticals

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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