Wellington Management Group LLP Purchases 26,415 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Wellington Management Group LLP increased its stake in Rigel Pharmaceuticals by 75.5%, owning 61,398 shares valued at approximately $1.1 million.
• Rigel Pharmaceuticals reported a quarterly EPS of $3.28, significantly exceeding analysts' expectations, along with revenue of $101.69 million.
• Analysts have raised the target price for Rigel Pharmaceuticals' stock from $23.00 to $32.00, while maintaining a consensus rating of "Hold" with a target price of $38.20.

Wellington Management Group LLP raised its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 75.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 61,398 shares of the biotechnology company's stock after acquiring an additional 26,415 shares during the quarter. Wellington Management Group LLP owned about 0.34% of Rigel Pharmaceuticals worth $1,105,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE grew its position in shares of Rigel Pharmaceuticals by 57.4% during the 1st quarter. US Bancorp DE now owns 5,120 shares of the biotechnology company's stock worth $92,000 after purchasing an additional 1,868 shares in the last quarter. New York State Common Retirement Fund grew its position 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 worth $100,000 after purchasing an additional 2,200 shares in the last quarter. Wells Fargo & Company MN grew its position 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 in the last quarter. Graham Capital Management L.P. acquired a new position in shares of Rigel Pharmaceuticals during the 4th quarter worth approximately $170,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in shares of Rigel Pharmaceuticals during the 4th quarter worth approximately $186,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Up 1.0%

Shares of NASDAQ RIGL traded up $0.41 during mid-day trading on Friday, reaching $40.54. 129,180 shares of the company's stock traded hands, compared to its average volume of 318,783. The stock has a market cap of $727.29 million, a P/E ratio of 7.36 and a beta of 1.27. The business has a 50-day simple moving average of $27.81 and a 200 day simple moving average of $22.27. Rigel Pharmaceuticals, Inc. has a 1-year low of $12.66 and a 1-year high of $43.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.90.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The biotechnology company reported $3.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.97 by $1.31. The firm had revenue of $101.69 million during the quarter, compared to analysts' expectations of $64.58 million. Rigel Pharmaceuticals had a net margin of 36.51% and a return on equity of 438.89%. Rigel Pharmaceuticals has set its FY 2025 guidance at EPS. On average, analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald raised their target price on shares of Rigel Pharmaceuticals from $23.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Rigel Pharmaceuticals currently has an average rating of "Hold" and an average target price of $38.20.

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.