Assenagon Asset Management S.A. Lowers Position in Rigel Pharmaceuticals, Inc. $RIGL

Assenagon Asset Management S.A. lessened its holdings in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 91.9% in the third quarter, HoldingsChannel.com reports. The fund owned 19,330 shares of the biotechnology company’s stock after selling 220,675 shares during the period. Assenagon Asset Management S.A.’s holdings in Rigel Pharmaceuticals were worth $548,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RIGL. Rhumbline Advisers raised its stake in Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Rigel Pharmaceuticals by 14.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after buying an additional 1,464 shares in the last quarter. Man Group plc increased its holdings in shares of Rigel Pharmaceuticals by 14.6% in the 2nd quarter. Man Group plc now owns 11,772 shares of the biotechnology company’s stock worth $220,000 after buying an additional 1,501 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter valued at $41,000. Finally, Legal & General Group Plc raised its position in shares of Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the company from $23.00 to $42.00 in a research note on Wednesday, November 5th. Zacks Research cut Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Cantor Fitzgerald raised their price objective on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.20.

Rigel Pharmaceuticals Stock Up 1.6%

Shares of NASDAQ RIGL opened at $44.66 on Friday. The firm’s fifty day moving average is $39.93 and its 200 day moving average is $32.11. Rigel Pharmaceuticals, Inc. has a 52 week low of $15.50 and a 52 week high of $52.24. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. The company has a market cap of $810.58 million, a price-to-earnings ratio of 7.24 and a beta of 1.11.

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

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).