BlackRock Inc. Makes New Investment in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• BlackRock acquired a new 1.94 million-share stake in Rigel Pharmaceuticals during the second quarter, worth approximately $75.9 million and representing 10.49% of the company. Institutional investors collectively own 66.23% of RIGL.
• Rigel reported quarterly EPS of $0.88, sharply exceeding the $0.09 consensus estimate, while revenue of $78.7 million topped forecasts of $55.3 million. Analysts project full-year EPS of $2.98.
• RIGL trades at $46.48, near the middle of its $24.95–$52.24 yearly range. Wall Street’s consensus rating is Hold, with a $59 average price target, despite HC Wainwright raising its target to $85 and maintaining a Buy rating.

BlackRock Inc. purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,939,818 shares of the biotechnology company's stock, valued at approximately $75,886,000. BlackRock Inc. owned approximately 10.49% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. State Street Corp grew its stake in Rigel Pharmaceuticals by 96.9% in the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company's stock valued at $46,737,000 after purchasing an additional 536,905 shares in the last quarter. LSV Asset Management increased its stake in shares of Rigel Pharmaceuticals by 390.8% during the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company's stock worth $23,312,000 after purchasing an additional 433,382 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Rigel Pharmaceuticals by 309.7% during the 4th quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company's stock valued at $18,479,000 after purchasing an additional 326,159 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Rigel Pharmaceuticals by 63.0% in the 3rd 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 lifted its stake in shares of Rigel Pharmaceuticals by 110.6% in the 3rd 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. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $46.48 on Monday. The business has a 50 day moving average of $40.73 and a 200-day moving average of $33.90. The stock has a market capitalization of $859.88 million, a price-to-earnings ratio of 2.85 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a 1-year low of $24.95 and a 1-year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) 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 net margin of 116.30% and a return on equity of 22.95%. Equities analysts predict that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current year.

Wall Street Analyst Weigh In

RIGL has been the topic of a number of recent analyst reports. HC Wainwright reissued 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. Piper Sandler reiterated a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. Weiss Ratings lowered shares of Rigel Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Monday, August 17th. Finally, Citigroup reaffirmed a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of "Hold" and a consensus target price of $59.00.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the company'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 value of $87,500.00. Following the completion of the transaction, the director owned 10,125 shares of the company's stock, valued at $354,375. This represents a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 corporate insiders.

Rigel Pharmaceuticals Company 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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