Stonepine Capital Management LLC acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,496,590 shares of the biotechnology company’s stock, valued at approximately $4,235,000. Rigel Pharmaceuticals makes up approximately 2.6% of Stonepine Capital Management LLC’s portfolio, making the stock its 14th largest position. Stonepine Capital Management LLC owned 0.90% of Rigel Pharmaceuticals as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. FMR LLC grew its stake in Rigel Pharmaceuticals by 11.1% during the second quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after acquiring an additional 2,448,925 shares in the last quarter. BlackRock Inc. grew its stake in Rigel Pharmaceuticals by 20.9% during the second quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after acquiring an additional 2,312,498 shares in the last quarter. Swiss National Bank grew its stake in Rigel Pharmaceuticals by 18.1% during the second quarter. Swiss National Bank now owns 271,179 shares of the biotechnology company’s stock valued at $767,000 after acquiring an additional 41,579 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Rigel Pharmaceuticals by 18.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 355,800 shares of the biotechnology company’s stock valued at $1,007,000 after acquiring an additional 55,300 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Rigel Pharmaceuticals during the second quarter valued at approximately $142,000. 94.24% of the stock is owned by institutional investors.
In other Rigel Pharmaceuticals news, EVP Eldon C. Mayer III acquired 100,000 shares of the business’s stock in a transaction dated Thursday, August 23rd. The stock was bought at an average price of $2.82 per share, with a total value of $282,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Raul R. Rodriguez acquired 114,000 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. 5.38% of the stock is owned by insiders.
Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. BidaskClub raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $7.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday. ValuEngine raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Rigel Pharmaceuticals in a research note on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating and eight have given a buy rating to the company’s stock. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $7.59.
RIGL stock traded up $0.05 during midday trading on Thursday, reaching $3.32. The company had a trading volume of 18,501 shares, compared to its average volume of 2,486,158. Rigel Pharmaceuticals, Inc. has a 1 year low of $2.28 and a 1 year high of $4.71. The stock has a market cap of $567.57 million, a PE ratio of -5.35 and a beta of 1.10.
Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The company had revenue of $1.79 million during the quarter, compared to analysts’ expectations of $0.30 million. sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.65 earnings per share for the current fiscal year.
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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