GSA Capital Partners LLP Buys Shares of 44,686 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Key Points

• GSA Capital Partners LLP acquired 44,686 shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), amounting to a value of approximately $804,000.
• Analysts have rated Rigel Pharmaceuticals with a consensus of "Moderate Buy" and a boosted price target of $23.00 from Cantor Fitzgerald.
• Rigel Pharmaceuticals reported earnings per share of $0.63 for the latest quarter, significantly exceeding analysts' expectations of $0.14.

GSA Capital Partners LLP purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 44,686 shares of the biotechnology company's stock, valued at approximately $804,000. GSA Capital Partners LLP owned approximately 0.25% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in Rigel Pharmaceuticals by 5.4% during the first quarter. Rhumbline Advisers now owns 26,510 shares of the biotechnology company's stock worth $477,000 after purchasing an additional 1,367 shares during the last quarter. Northern Trust Corp lifted its position in shares of Rigel Pharmaceuticals by 1.1% during the 4th quarter. Northern Trust Corp now owns 145,839 shares of the biotechnology company's stock worth $2,453,000 after buying an additional 1,588 shares during the last quarter. MetLife Investment Management LLC raised its position in Rigel Pharmaceuticals by 19.7% in the 4th quarter. MetLife Investment Management LLC now owns 12,258 shares of the biotechnology company's stock valued at $206,000 after purchasing an additional 2,014 shares during the last quarter. New York State Common Retirement Fund increased its stake in Rigel Pharmaceuticals by 65.9% in the 1st quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company's stock valued at $100,000 after buying an additional 2,200 shares during the period. Finally, Geode Capital Management LLC increased its stake in Rigel Pharmaceuticals by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 402,051 shares of the biotechnology company's stock valued at $6,764,000 after buying an additional 2,388 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Down 0.2%

Shares of RIGL stock traded down $0.04 during trading hours on Tuesday, hitting $22.64. 209,851 shares of the company were exchanged, compared to its average volume of 222,399. The firm has a market cap of $404.49 million, a PE ratio of 10.98 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a 1 year low of $8.83 and a 1 year high of $29.82. The company has a quick ratio of 2.13, a current ratio of 2.20 and a debt-to-equity ratio of 2.42. The firm has a fifty day moving average of $19.82 and a 200 day moving average of $19.76.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.49. The firm had revenue of $53.33 million during the quarter, compared to the consensus estimate of $43.87 million. Rigel Pharmaceuticals had a net margin of 18.31% and a negative return on equity of 655.26%. During the same quarter in the prior year, the company earned ($0.50) EPS. Analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $36.40.

Rigel Pharmaceuticals 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.