Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Shares Bought by Squarepoint Ops LLC

Squarepoint Ops LLC grew its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 40.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,416 shares of the biotechnology company's stock after purchasing an additional 18,159 shares during the quarter. Squarepoint Ops LLC owned approximately 0.36% of Rigel Pharmaceuticals worth $1,067,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Renaissance Technologies LLC increased its position in Rigel Pharmaceuticals by 111.1% in the fourth quarter. Renaissance Technologies LLC now owns 299,709 shares of the biotechnology company's stock worth $5,041,000 after buying an additional 157,763 shares during the period. JPMorgan Chase & Co. grew its position in shares of Rigel Pharmaceuticals by 587.9% during the fourth quarter. JPMorgan Chase & Co. now owns 180,492 shares of the biotechnology company's stock worth $3,036,000 after acquiring an additional 154,254 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Rigel Pharmaceuticals by 814.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock worth $2,861,000 after acquiring an additional 151,500 shares during the period. Norges Bank acquired a new stake in shares of Rigel Pharmaceuticals in the 4th quarter worth about $2,178,000. Finally, Ensign Peak Advisors Inc bought a new stake in Rigel Pharmaceuticals in the 4th quarter valued at about $1,444,000. Institutional investors own 66.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on RIGL shares. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Wall Street Zen lowered Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 8th. B. Riley lifted their target price on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. HC Wainwright reissued a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Finally, Citigroup raised their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $36.40.

Rigel Pharmaceuticals Price Performance

Shares of RIGL traded up $0.15 during midday trading on Wednesday, reaching $20.54. The stock had a trading volume of 136,037 shares, compared to its average volume of 218,660. The company has a market capitalization of $367.09 million, a P/E ratio of 146.72 and a beta of 1.34. The firm's 50 day moving average price is $18.46 and its 200-day moving average price is $19.96. Rigel Pharmaceuticals, Inc. has a 52 week low of $7.48 and a 52 week high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.63 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $53.33 million for the quarter, compared to analysts' expectations of $43.87 million. During the same period in the previous year, the business earned ($0.50) earnings per share. On average, equities analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

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.