JPMorgan Chase & Co. Buys 154,254 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

JPMorgan Chase & Co. boosted its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 587.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 180,492 shares of the biotechnology company's stock after acquiring an additional 154,254 shares during the quarter. JPMorgan Chase & Co. owned 1.02% of Rigel Pharmaceuticals worth $3,036,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Hillsdale Investment Management Inc. raised its holdings in shares of Rigel Pharmaceuticals by 814.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 170,100 shares of the biotechnology company's stock valued at $2,861,000 after buying an additional 151,500 shares in the last quarter. Globeflex Capital L P raised its stake in shares of Rigel Pharmaceuticals by 468.4% during the fourth quarter. Globeflex Capital L P now owns 52,295 shares of the biotechnology company's stock worth $880,000 after acquiring an additional 43,095 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rigel Pharmaceuticals by 42.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 139,128 shares of the biotechnology company's stock worth $2,340,000 after acquiring an additional 41,122 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Rigel Pharmaceuticals during the 4th quarter valued at $610,000. Finally, Vanguard Group Inc. raised its position in Rigel Pharmaceuticals by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 1,012,931 shares of the biotechnology company's stock worth $17,038,000 after purchasing an additional 27,640 shares during the period. Hedge funds and other institutional investors own 66.23% of the company's stock.

Insider Activity

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the transaction, the chief financial officer now owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,113 shares of company stock worth $190,644. Corporate insiders own 9.04% of the company's stock.

Rigel Pharmaceuticals Price Performance

Rigel Pharmaceuticals stock traded up $0.22 during mid-day trading on Friday, reaching $19.28. 106,830 shares of the company traded hands, compared to its average volume of 207,485. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.48 and a 52-week high of $29.82. The firm has a market capitalization of $344.48 million, a price-to-earnings ratio of 137.72 and a beta of 1.32. The firm's 50 day moving average price is $19.08 and its 200 day moving average price is $19.52.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.50. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The company had revenue of $57.60 million during the quarter, compared to the consensus estimate of $57.59 million. On average, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIGL. HC Wainwright reaffirmed a "buy" rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 5th. B. Riley lifted their price target on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 5th. Citigroup increased 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. Finally, StockNews.com downgraded shares of Rigel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

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.