Inspire Investing LLC Acquires Shares of 30,322 Rigel Pharmaceuticals, Inc. $RIGL

Inspire Investing LLC acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,322 shares of the biotechnology company’s stock, valued at approximately $859,000.

Other hedge funds also recently made changes to their positions in the company. Armistice Capital LLC increased its stake in Rigel Pharmaceuticals by 31.6% during the first quarter. Armistice Capital LLC now owns 1,516,000 shares of the biotechnology company’s stock valued at $27,273,000 after purchasing an additional 364,000 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Rigel Pharmaceuticals by 50.1% during the 1st quarter. Acadian Asset Management LLC now owns 565,045 shares of the biotechnology company’s stock worth $10,161,000 after purchasing an additional 188,679 shares during the period. Marshall Wace LLP lifted its holdings in shares of Rigel Pharmaceuticals by 74.2% in the 2nd 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. Invesco Ltd. acquired a new stake in Rigel Pharmaceuticals in the first quarter worth $2,412,000. Finally, Globeflex Capital L P lifted its stake in Rigel Pharmaceuticals by 220.3% in the second quarter. Globeflex Capital L P now owns 167,515 shares of the biotechnology company’s stock valued at $3,138,000 after buying an additional 115,220 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 1.4%

Shares of NASDAQ RIGL opened at $44.01 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.14 and a current ratio of 2.28. Rigel Pharmaceuticals, Inc. has a 52 week low of $15.50 and a 52 week high of $52.24. The business has a 50 day simple moving average of $40.25 and a 200 day simple moving average of $32.27. The stock has a market cap of $798.78 million, a price-to-earnings ratio of 7.13 and a beta of 1.11.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Cantor Fitzgerald raised their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $43.20.

Rigel Pharmaceuticals Company 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).