Rigel Pharmaceuticals, Inc. $RIGL Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Rigel Pharmaceuticals stake by 37.1% in the first quarter, adding 102,729 shares to own 379,541 shares worth approximately $10.3 million. Institutional investors now hold 66.23% of RIGL.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $54.50; HC Wainwright set a $57 target, although Zacks Research downgraded the stock to “Strong Sell.”
• Rigel reported quarterly EPS of $0.88, far above the $0.09 consensus estimate, while revenue reached $78.7 million versus expectations of $55.27 million. Shares recently opened at $40.17, with a 52-week range of $24.95 to $52.24.

Dimensional Fund Advisors LP lifted its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 37.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 379,541 shares of the biotechnology company's stock after acquiring an additional 102,729 shares during the quarter. Dimensional Fund Advisors LP owned 2.05% of Rigel Pharmaceuticals worth $10,259,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Watershed Asset Management L.L.C. bought a new position in shares of Rigel Pharmaceuticals in the 1st quarter worth about $443,000. Principal Financial Group Inc. lifted its holdings in shares of Rigel Pharmaceuticals by 133.8% in the 1st quarter. Principal Financial Group Inc. now owns 48,646 shares of the biotechnology company's stock worth $1,315,000 after purchasing an additional 27,843 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Rigel Pharmaceuticals by 11.4% in the 1st quarter. Hsbc Holdings PLC now owns 13,861 shares of the biotechnology company's stock worth $374,000 after purchasing an additional 1,417 shares during the last quarter. Burney Co. acquired a new position in Rigel Pharmaceuticals during the 1st quarter valued at approximately $2,479,000. Finally, Y Intercept Hong Kong Ltd grew its stake in Rigel Pharmaceuticals by 1.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company's stock worth $779,000 after buying an additional 546 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on RIGL shares. HC Wainwright restated a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Zacks Research lowered shares of Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 7th. Finally, Citigroup restated a "buy" rating on shares of Rigel Pharmaceuticals in a research report on Thursday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL opened at $40.17 on Monday. Rigel Pharmaceuticals, Inc. has a one year low of $24.95 and a one year high of $52.24. The stock's fifty day moving average is $36.87 and its 200-day moving average is $33.00. The firm has a market capitalization of $743.14 million, a price-to-earnings ratio of 2.46 and a beta of 1.16.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.79. The company had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. Analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.88 EPS for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director owned 10,125 shares of the company's stock, valued at $354,375. The trade was a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by corporate insiders.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel's lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).

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