Bank of New York Mellon Corp Boosts Stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Bank of New York Mellon Corp raised its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 10.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 50,195 shares of the biotechnology company’s stock after purchasing an additional 4,672 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rigel Pharmaceuticals were worth $844,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RIGL. PDT Partners LLC purchased a new position in shares of Rigel Pharmaceuticals in the third quarter valued at $322,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares during the last quarter. Barclays PLC grew its stake in shares of Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after buying an additional 16,772 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rigel Pharmaceuticals by 45.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after buying an additional 8,140 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 2,827 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Cantor Fitzgerald lifted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. Citigroup raised their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, B. Riley boosted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, March 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.

Insider Activity

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now directly owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,113 shares of company stock valued at $190,644. 9.04% of the stock is currently owned by company insiders.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ:RIGL opened at $18.91 on Wednesday. The firm has a market capitalization of $337.79 million, a PE ratio of 135.08 and a beta of 1.35. The business has a 50 day simple moving average of $21.02 and a two-hundred day simple moving average of $19.15. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. The company had revenue of $57.60 million during the quarter, compared to analysts’ expectations of $57.59 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. Equities research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

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.