Rigel Pharmaceuticals, Inc. $RIGL Position Boosted by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 13.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,590 shares of the biotechnology company’s stock after buying an additional 13,140 shares during the quarter. Ritholtz Wealth Management’s holdings in Rigel Pharmaceuticals were worth $5,180,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RIGL. Jupiter Topco LLC acquired a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at approximately $3,450,000. Empowered Funds LLC acquired a new position in Rigel Pharmaceuticals during the first quarter worth $2,234,000. Bank of America Corp DE acquired a new position in Rigel Pharmaceuticals during the second quarter worth $4,832,000. Bank of New York Mellon Corp acquired a new position in Rigel Pharmaceuticals during the second quarter worth $4,233,000. Finally, Man Group plc purchased a new position in shares of Rigel Pharmaceuticals during the second quarter worth $814,000. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RIGL has been the topic of several research analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. HC Wainwright restated a “buy” rating and set a $85.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Weiss Ratings downgraded Rigel Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Citigroup boosted their price target on shares of Rigel Pharmaceuticals from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Zacks Research cut shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $66.75.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $45.69 on Friday. Rigel Pharmaceuticals, Inc. has a 1 year low of $24.95 and a 1 year high of $52.60. The stock has a market cap of $860.34 million, a P/E ratio of 2.95 and a beta of 1.28. The stock has a 50-day simple moving average of $47.52 and a 200-day simple moving average of $37.61.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Thursday, November 5th. The biotechnology company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.27). Rigel Pharmaceuticals had a net margin of 106.59% and a return on equity of 14.89%. The company had revenue of $80.89 million during the quarter, compared to analyst estimates of $80.00 million. On average, equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 2.97 EPS for the current year.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc. is a biotechnology company that discovers, develops and commercializes medicines for people with serious hematologic disorders and cancers. Founded in 1996 and based in South San Francisco, California, the company has focused on treatments that target biological pathways involved in disease. Rigel’s marketed products include Tavalisse (fostamatinib), an oral treatment for adults with chronic immune thrombocytopenia who have had an insufficient response to prior treatment, and Rezlidhia (olutasidenib), an oral therapy for certain adults with relapsed or refractory acute myeloid leukemia containing an IDH1 mutation.