Rigel Pharmaceuticals, Inc. $RIGL Stock: Sterling Capital Management LLC Grows Holdings

Key Points

• Sterling Capital Management increased its Rigel Pharmaceuticals stake by 12,218.1% in the third quarter, holding 45,700 shares worth approximately $2.2 million. Institutional investors collectively own 66.23% of RIGL.
• Analyst sentiment remains mixed: four analysts rate the stock a Buy, two a Hold and one a Sell. The consensus rating is Hold, with an average price target of $59, although targets range from $49 to $85.
• RIGL opened at $48.13 and has traded between $24.95 and $52.24 over the past year. The company recently reported quarterly EPS of $0.88 versus a $0.09 consensus estimate, while revenue of $78.7 million exceeded expectations.

Sterling Capital Management LLC boosted its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 12,218.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,700 shares of the biotechnology company's stock after purchasing an additional 45,329 shares during the quarter. Sterling Capital Management LLC owned about 0.25% of Rigel Pharmaceuticals worth $2,200,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Topco LLC bought a new position in shares of Rigel Pharmaceuticals during the 2nd quarter worth about $3,450,000. Empowered Funds LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter valued at about $2,234,000. Bank of America Corp DE acquired a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $4,832,000. Bank of New York Mellon Corp acquired a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $4,233,000. Finally, Man Group plc bought a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at about $814,000. 66.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIGL. Piper Sandler reaffirmed a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Weiss Ratings raised Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. HC Wainwright restated a "buy" rating and set a $85.00 price objective on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Citigroup restated a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Finally, Zacks Research lowered Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 14th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of "Hold" and a consensus target price of $59.00.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL opened at $48.13 on Monday. The stock has a market capitalization of $890.40 million, a P/E ratio of 2.95 and a beta of 1.19. The company has a 50-day moving average price of $47.15 and a 200-day moving average price of $38.80. Rigel Pharmaceuticals, Inc. has a 1 year low of $24.95 and a 1 year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The company had revenue of $78.70 million during the quarter, compared to the consensus estimate of $55.27 million. As a group, equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc NASDAQ: RIGL is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel's primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.