Millennium Management LLC Purchases Shares of 70,426 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Millennium Management LLC purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 70,426 shares of the biotechnology company's stock, valued at approximately $1,185,000. Millennium Management LLC owned about 0.40% of Rigel Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Wells Fargo & Company MN grew its position in shares of Rigel Pharmaceuticals by 44.5% during the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company's stock worth $145,000 after acquiring an additional 2,648 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after acquiring an additional 2,827 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth about $170,000. Integrated Quantitative Investments LLC bought a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth about $181,000. Finally, XTX Topco Ltd bought a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth about $184,000. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL traded up $0.52 on Friday, reaching $21.49. The company's stock had a trading volume of 182,000 shares, compared to its average volume of 220,041. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82. The stock has a market cap of $384.07 million, a PE ratio of 153.51 and a beta of 1.29. The firm's 50 day moving average is $18.61 and its two-hundred day moving average is $19.87.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.49. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The company had revenue of $53.33 million during the quarter, compared to the consensus estimate of $43.87 million. During the same period in the prior year, the company earned ($0.50) EPS. Equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RIGL has been the subject of several recent research reports. HC Wainwright restated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. B. Riley increased their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, March 5th. Wall Street Zen lowered shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 8th. Cantor Fitzgerald increased their target price 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. Finally, Citigroup increased their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.40.

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.