Alps Advisors Inc. Takes $578,000 Position in Rigel Pharmaceuticals, Inc. $RIGL

Alps Advisors Inc. acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,403 shares of the biotechnology company’s stock, valued at approximately $578,000.

A number of other hedge funds have also recently added to or reduced their stakes in RIGL. Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $4,310,000. Armistice Capital LLC raised its holdings in shares of Rigel Pharmaceuticals by 5.5% during the second 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 shares of Rigel Pharmaceuticals by 64.0% during the second quarter. Squarepoint Ops LLC now owns 36,215 shares of the biotechnology company’s stock worth $678,000 after acquiring an additional 14,135 shares in the last quarter. Range Financial Group LLC acquired a new stake in Rigel Pharmaceuticals during the third quarter valued at $1,286,000. Finally, Inspire Investing LLC purchased a new position in Rigel Pharmaceuticals in the third quarter valued at about $859,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 2.1%

Shares of RIGL opened at $34.22 on Friday. The stock’s 50-day moving average price is $39.82 and its 200 day moving average price is $36.71. 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 firm has a market capitalization of $621.09 million, a price-to-earnings ratio of 5.55 and a beta of 1.11. Rigel Pharmaceuticals, Inc. has a 12-month low of $15.50 and a 12-month high of $52.24.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the company from $23.00 to $42.00 in a research note on Wednesday, November 5th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Wall Street Zen upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Finally, Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. 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 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 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).