Geode Capital Management LLC Buys 8,881 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Geode Capital Management LLC boosted its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 2.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 399,663 shares of the biotechnology company’s stock after acquiring an additional 8,881 shares during the quarter. Geode Capital Management LLC’s holdings in Rigel Pharmaceuticals were worth $6,468,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ground Swell Capital LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $141,000. PDT Partners LLC bought a new position in shares of Rigel Pharmaceuticals during the third quarter worth about $322,000. BNP Paribas Financial Markets raised its position in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after buying an additional 19,391 shares during the last quarter. Barclays PLC lifted its stake in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after acquiring an additional 16,772 shares in the last quarter. Finally, FMR LLC boosted its position in Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after acquiring an additional 26,184 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Piper Sandler boosted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, December 10th. Citigroup increased their price objective on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $17.38 on Friday. The stock has a market cap of $306.15 million, a PE ratio of 124.15 and a beta of 1.22. The firm has a 50-day moving average of $20.65 and a 200-day moving average of $15.12. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.48 and a 52-week high of $29.82.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.