Morgan Stanley Has $8.70 Million Position in Rigel Pharmaceuticals, Inc. (RIGL)

Morgan Stanley boosted its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 87.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,710,087 shares of the biotechnology company’s stock after buying an additional 1,260,718 shares during the quarter. Morgan Stanley owned approximately 1.63% of Rigel Pharmaceuticals worth $8,699,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlueMountain Capital Management LLC acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $154,000. New Jersey Better Educational Savings Trust acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $193,000. AQR Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 67.8% in the third quarter. AQR Capital Management LLC now owns 61,779 shares of the biotechnology company’s stock valued at $198,000 after purchasing an additional 24,961 shares during the period. Granite Investment Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $231,000. Finally, Jefferies Group LLC grew its position in shares of Rigel Pharmaceuticals by 79.2% in the third quarter. Jefferies Group LLC now owns 77,400 shares of the biotechnology company’s stock valued at $248,000 after purchasing an additional 34,200 shares during the period. Institutional investors own 94.47% of the company’s stock.

NASDAQ:RIGL opened at $2.19 on Tuesday. The stock has a market capitalization of $364.94 million, a PE ratio of -3.53 and a beta of 1.31. Rigel Pharmaceuticals, Inc. has a twelve month low of $1.96 and a twelve month high of $4.68.

Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, February 1st. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 23rd. Cantor Fitzgerald reiterated a “buy” rating and issued a $9.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 23rd. BidaskClub lowered shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 16th. Finally, ValuEngine lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, December 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. Rigel Pharmaceuticals presently has an average rating of “Buy” and an average price target of $7.50.

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About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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Institutional Ownership by Quarter for Rigel Pharmaceuticals (NASDAQ:RIGL)

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