44,686 Shares in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Bought by GSA Capital Partners LLP

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 acquired a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 44,686 shares of the biotechnology company's stock, valued at approximately $804,000. GSA Capital Partners LLP owned 0.25% of Rigel Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its holdings in shares of Rigel Pharmaceuticals by 65.9% during 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 purchasing an additional 2,200 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Rigel Pharmaceuticals by 44.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company's stock worth $145,000 after purchasing an additional 2,648 shares during the period. Graham Capital Management L.P. acquired a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at about $170,000. Integrated Quantitative Investments LLC acquired a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at about $181,000. Finally, XTX Topco Ltd acquired a new stake in shares of Rigel Pharmaceuticals during the 4th quarter valued at about $184,000. Institutional investors and hedge funds own 66.23% of the company's stock.

Analyst Ratings Changes

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

Rigel Pharmaceuticals Stock Up 4.0%

Shares of Rigel Pharmaceuticals stock traded up $0.85 on Friday, hitting $21.91. The company had a trading volume of 179,259 shares, compared to its average volume of 179,499. The firm has a market capitalization of $391.53 million, a P/E ratio of 10.58 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a twelve month low of $8.61 and a twelve month high of $29.82. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.20 and a quick ratio of 2.13. The stock has a 50-day moving average of $19.75 and a 200-day moving average of $19.72.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.49. The company had revenue of $53.33 million during the quarter, compared to analysts' expectations 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) earnings per share. Research analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

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.