Y Intercept Hong Kong Ltd Purchases Shares of 23,817 Rigel Pharmaceuticals, Inc. $RIGL

Y Intercept Hong Kong Ltd acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 23,817 shares of the biotechnology company’s stock, valued at approximately $675,000.

Several other institutional investors have also recently made changes to their positions in the company. Armistice Capital LLC boosted its stake in shares of Rigel Pharmaceuticals by 5.5% during the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock worth $29,968,000 after acquiring an additional 84,000 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Rigel Pharmaceuticals by 64.0% in the 2nd quarter. Squarepoint Ops LLC now owns 36,215 shares of the biotechnology company’s stock worth $678,000 after purchasing an additional 14,135 shares during the period. Range Financial Group LLC purchased a new position in Rigel Pharmaceuticals during the third quarter worth approximately $1,286,000. Inspire Investing LLC acquired a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $859,000. Finally, Pacer Advisors Inc. acquired a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $2,195,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $36.01 on Tuesday. Rigel Pharmaceuticals, Inc. has a twelve month low of $15.50 and a twelve month high of $52.24. The firm has a market capitalization of $653.62 million, a PE ratio of 5.84 and a beta of 1.11. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $42.05 and its 200 day moving average price is $36.12.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.53. The business had revenue of $69.46 million for the quarter, compared to analyst estimates of $61.88 million. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. As a group, sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group upgraded 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 report on Wednesday, November 5th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $43.20.

Rigel Pharmaceuticals 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).