Massachusetts Financial Services Co. MA Buys Shares of 33,369 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Massachusetts Financial Services Co. MA acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 33,369 shares of the biotechnology company's stock, valued at approximately $600,000. Massachusetts Financial Services Co. MA owned 0.19% of Rigel Pharmaceuticals at the end of the most recent quarter.

Several 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 Rigel Pharmaceuticals by 65.9% during the first quarter. New York State Common Retirement Fund now owns 5,536 shares of the biotechnology company's stock worth $100,000 after purchasing an additional 2,200 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Rigel Pharmaceuticals by 27.3% during the first quarter. Assenagon Asset Management S.A. now owns 522,781 shares of the biotechnology company's stock worth $9,405,000 after purchasing an additional 112,003 shares in the last quarter. Rhumbline Advisers raised its holdings 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 in the last quarter. GAMMA Investing LLC raised its holdings in Rigel Pharmaceuticals by 20,566.7% during the first quarter. GAMMA Investing LLC now owns 17,360 shares of the biotechnology company's stock worth $312,000 after purchasing an additional 17,276 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in Rigel Pharmaceuticals in the fourth quarter worth approximately $588,000. Institutional investors own 66.23% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald lifted their price target 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.40.

Rigel Pharmaceuticals Trading Down 1.3%

Rigel Pharmaceuticals stock traded down $0.26 during midday trading on Friday, reaching $20.17. The stock had a trading volume of 164,007 shares, compared to its average volume of 198,017. The firm's fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $19.57. 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 firm has a market cap of $360.48 million, a price-to-earnings ratio of 9.74 and a beta of 1.26.

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