Pacer Advisors Inc. Makes New Investment in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Pacer Advisors Inc. bought a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 112,629 shares of the biotechnology company's stock, valued at approximately $2,026,000. Pacer Advisors Inc. owned about 0.63% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP bought a new stake in Rigel Pharmaceuticals during the fourth quarter worth approximately $288,000. Two Sigma Investments LP bought a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at $1,025,000. Deutsche Bank AG increased its holdings in shares of Rigel Pharmaceuticals by 100.5% in the fourth quarter. Deutsche Bank AG now owns 13,744 shares of the biotechnology company's stock valued at $231,000 after buying an additional 6,890 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Rigel Pharmaceuticals by 587.9% during the 4th quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock valued at $3,036,000 after purchasing an additional 154,254 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Rigel Pharmaceuticals during the 4th quarter valued at $588,000. 66.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Rigel Pharmaceuticals Stock Up 4.0%

NASDAQ:RIGL traded up $0.85 during trading hours on Friday, reaching $21.91. The company's stock had a trading volume of 179,259 shares, compared to its average volume of 221,154. The company has a market cap of $391.58 million, a price-to-earnings ratio of 10.58 and a beta of 1.26. Rigel Pharmaceuticals, Inc. has a one year low of $8.61 and a one year high of $29.82. The business's 50-day moving average is $19.69 and its 200-day moving average is $19.68. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.20 and a quick ratio of 2.13.

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 (EPS) for the quarter, beating 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 company had revenue of $53.33 million during the quarter, compared to analysts' expectations of $43.87 million. During the same period in the prior year, the company earned ($0.50) earnings per share. Equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

About Rigel Pharmaceuticals

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.