16,385 Shares in Rigel Pharmaceuticals, Inc. $RIGL Acquired by Watershed Asset Management L.L.C.

Watershed Asset Management L.L.C. bought a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 16,385 shares of the biotechnology company’s stock, valued at approximately $443,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIGL. State Street Corp lifted its stake in shares of Rigel Pharmaceuticals by 96.9% in the 4th quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock valued at $46,737,000 after purchasing an additional 536,905 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of Rigel Pharmaceuticals by 15.5% during the 4th quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock worth $35,806,000 after purchasing an additional 112,000 shares during the period. Marshall Wace LLP increased its position in shares of Rigel Pharmaceuticals by 2.0% during the 4th quarter. Marshall Wace LLP now owns 613,600 shares of the biotechnology company’s stock worth $26,280,000 after purchasing an additional 12,267 shares during the last quarter. LSV Asset Management increased its position in shares of Rigel Pharmaceuticals by 390.8% during the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock worth $23,312,000 after purchasing an additional 433,382 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Rigel Pharmaceuticals by 13.7% during the 4th quarter. Renaissance Technologies LLC now owns 539,009 shares of the biotechnology company’s stock worth $23,086,000 after purchasing an additional 64,800 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RIGL shares. Citigroup reaffirmed a “buy” rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.50.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares in the company, valued at $354,375. This trade represents a 19.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Rigel Pharmaceuticals Trading Down 2.7%

RIGL opened at $40.54 on Friday. Rigel Pharmaceuticals, Inc. has a 52 week low of $18.66 and a 52 week high of $52.24. The business has a fifty day simple moving average of $34.16 and a 200-day simple moving average of $33.35. The firm has a market cap of $749.99 million, a P/E ratio of 2.17 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The firm had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. On average, equities analysts expect that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).