Wells Fargo & Company MN Buys 2,648 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Wells Fargo & Company MN lifted its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 44.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,603 shares of the biotechnology company’s stock after acquiring an additional 2,648 shares during the period. Wells Fargo & Company MN’s holdings in Rigel Pharmaceuticals were worth $145,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC raised its holdings in Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after purchasing an additional 16,772 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Rigel Pharmaceuticals by 45.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 2,827 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in Rigel Pharmaceuticals by 15.4% during 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 acquiring an additional 11,499 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Rigel Pharmaceuticals in the fourth quarter valued at approximately $588,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIGL has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Citigroup upped their target price on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. B. Riley boosted 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. 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. Finally, StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.40.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $18.81 on Friday. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The firm has a market capitalization of $336.08 million, a PE ratio of 134.37 and a beta of 1.34. The stock’s 50-day simple moving average is $18.57 and its 200-day simple moving average is $19.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results 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 net margin of 2.46% and a negative return on equity of 14.80%. The company had revenue of $53.33 million during the quarter, compared to analyst estimates of $43.87 million. During the same period last year, the firm posted ($0.50) EPS. Sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

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.