Jacobs Levy Equity Management Inc. Buys 24,749 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Jacobs Levy Equity Management Inc. increased its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 14.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 202,089 shares of the biotechnology company's stock after buying an additional 24,749 shares during the period. Jacobs Levy Equity Management Inc. owned 1.15% of Rigel Pharmaceuticals worth $3,399,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP acquired a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at $288,000. Barclays PLC increased its holdings in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company's stock valued at $442,000 after purchasing an additional 16,772 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company's stock valued at $425,000 after purchasing an additional 8,140 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Rigel Pharmaceuticals by 42.8% in the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock valued at $159,000 after purchasing an additional 2,827 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 15.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company's stock valued at $1,447,000 after purchasing an additional 11,499 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

RIGL traded up $0.19 on Tuesday, hitting $19.89. 29,781 shares of the stock were exchanged, compared to its average volume of 214,917. Rigel Pharmaceuticals, Inc. has a 12 month low of $7.48 and a 12 month high of $29.82. The business has a 50-day moving average of $18.46 and a two-hundred day moving average of $20.07. The firm has a market capitalization of $355.38 million, a price-to-earnings ratio of 142.22 and a beta of 1.34.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The biotechnology company reported $0.63 earnings per share 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 business had revenue of $53.33 million during the quarter, compared to analysts' expectations of $43.87 million. During the same quarter in the prior year, the business posted ($0.50) earnings per share. Equities research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Cantor Fitzgerald upped their price objective on shares of Rigel Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Citigroup upped their price target on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. StockNews.com downgraded shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. HC Wainwright restated a "buy" rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. Finally, B. Riley upped their price target on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $36.40.

About Rigel Pharmaceuticals

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.