Wellington Management Group LLP Purchases Shares of 34,983 Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Wellington Management Group LLP purchased a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 34,983 shares of the biotechnology company's stock, valued at approximately $588,000. Wellington Management Group LLP owned approximately 0.20% of Rigel Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Rigel Pharmaceuticals in the fourth quarter worth about $676,000. Soleus Capital Management L.P. raised its stake in Rigel Pharmaceuticals by 21.0% during the fourth quarter. Soleus Capital Management L.P. now owns 1,130,679 shares of the biotechnology company's stock valued at $19,018,000 after buying an additional 195,891 shares in the last quarter. Squarepoint Ops LLC raised its stake in Rigel Pharmaceuticals by 40.1% during the fourth quarter. Squarepoint Ops LLC now owns 63,416 shares of the biotechnology company's stock valued at $1,067,000 after buying an additional 18,159 shares in the last quarter. Two Sigma Advisers LP raised its stake in Rigel Pharmaceuticals by 63.0% during the fourth quarter. Two Sigma Advisers LP now owns 63,128 shares of the biotechnology company's stock valued at $1,062,000 after buying an additional 24,400 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Rigel Pharmaceuticals during the fourth quarter valued at approximately $1,025,000. Institutional investors and hedge funds own 66.23% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. HC Wainwright restated a "buy" rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Citigroup upped their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. B. Riley upped their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Wall Street Zen cut Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. Finally, Cantor Fitzgerald upped their price objective on 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 given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Rigel Pharmaceuticals Stock Performance

Shares of Rigel Pharmaceuticals stock traded down $0.37 on Wednesday, reaching $21.19. 102,885 shares of the company were exchanged, compared to its average volume of 220,077. The company's 50-day moving average is $18.84 and its two-hundred day moving average is $19.86. The firm has a market cap of $378.71 million, a price-to-earnings ratio of 151.37 and a beta of 1.29. Rigel Pharmaceuticals, Inc. has a 1-year low of $7.48 and a 1-year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.49. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The business had revenue of $53.33 million during the quarter, compared to analyst estimates of $43.87 million. During the same period in the prior year, the company posted ($0.50) EPS. As a group, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Rigel Pharmaceuticals 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.