Pacer Advisors Inc. Buys New Position in Rigel Pharmaceuticals, Inc. $RIGL

Pacer Advisors Inc. bought a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 77,480 shares of the biotechnology company’s stock, valued at approximately $2,195,000. Pacer Advisors Inc. owned approximately 0.43% of Rigel Pharmaceuticals at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Armistice Capital LLC raised its stake in shares of Rigel Pharmaceuticals by 5.5% in the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock valued at $29,968,000 after purchasing an additional 84,000 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 10.3% in the 2nd quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company’s stock valued at $11,664,000 after acquiring an additional 57,959 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 415,607 shares of the biotechnology company’s stock valued at $7,786,000 after acquiring an additional 4,439 shares in the last quarter. Marshall Wace LLP lifted its stake in Rigel Pharmaceuticals by 74.2% during the second quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company’s stock worth $6,910,000 after purchasing an additional 157,202 shares during the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in Rigel Pharmaceuticals by 36.4% during the second quarter. Hillsdale Investment Management Inc. now owns 262,064 shares of the biotechnology company’s stock worth $4,908,000 after purchasing an additional 69,900 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RIGL shares. Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Cantor Fitzgerald increased their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Zacks Research lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Rigel Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $43.20.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $42.83 on Wednesday. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $40.77 and its 200-day moving average is $32.73. The stock has a market cap of $777.41 million, a PE ratio of 6.94 and a beta of 1.10. Rigel Pharmaceuticals, Inc. has a twelve month low of $15.50 and a twelve month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. The business had revenue of $69.46 million during the quarter, compared to analyst estimates of $61.88 million. Rigel Pharmaceuticals had a return on equity of 204.70% and a net margin of 40.17%. On average, analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Rigel Pharmaceuticals Profile

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).