Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Connor Clark & Lunn Investment Management Ltd. increased its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 13.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,924 shares of the biotechnology company's stock after purchasing an additional 18,796 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.88% of Rigel Pharmaceuticals worth $2,841,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. CM Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 3.1% in the first quarter. CM Management LLC now owns 250,000 shares of the biotechnology company's stock valued at $4,498,000 after purchasing an additional 7,500 shares during the period. Vanguard Group Inc. raised its holdings in Rigel Pharmaceuticals by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,028,072 shares of the biotechnology company's stock valued at $18,495,000 after acquiring an additional 15,141 shares in the last quarter. US Bancorp DE raised its holdings in Rigel Pharmaceuticals by 57.4% in the first quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock valued at $92,000 after acquiring an additional 1,868 shares in the last quarter. XTX Topco Ltd raised its holdings in Rigel Pharmaceuticals by 55.2% in the first quarter. XTX Topco Ltd now owns 16,928 shares of the biotechnology company's stock valued at $305,000 after acquiring an additional 6,018 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Rigel Pharmaceuticals in the first quarter valued at $804,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald upped their price target on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $38.20.

Rigel Pharmaceuticals Stock Up 3.6%

Shares of NASDAQ:RIGL opened at $37.89 on Friday. The stock has a market capitalization of $679.75 million, a price-to-earnings ratio of 7.00 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a 1-year low of $11.88 and a 1-year high of $38.35. The company's fifty day moving average is $21.80 and its two-hundred day moving average is $20.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.02.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.97 by $1.31. The company had revenue of $101.69 million for the quarter, compared to analysts' expectations of $64.58 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.