Pacer Advisors Inc. Purchases 48,882 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Pacer Advisors Inc. lifted its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 74.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,386 shares of the biotechnology company’s stock after buying an additional 48,882 shares during the period. Pacer Advisors Inc. owned approximately 0.62% of Rigel Pharmaceuticals worth $3,093,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RIGL. Northwestern Mutual Wealth Management Co. lifted its holdings in Rigel Pharmaceuticals by 400.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 1,020 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Rigel Pharmaceuticals in the 3rd quarter valued at $62,000. Wexford Capital LP purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $66,000. CWM LLC increased its position in shares of Rigel Pharmaceuticals by 217.0% during the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares during the period. 66.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RIGL shares. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $54.50.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $39.22 on Friday. The company has a market capitalization of $725.57 million, a price-to-earnings ratio of 2.40 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $52.24. The stock has a fifty day moving average of $36.68 and a 200-day moving average of $32.98.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to the consensus estimate of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. Equities analysts predict that Rigel Pharmaceuticals, Inc. will post 3.51 EPS for the current year.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director directly owned 10,125 shares in the company, valued at approximately $354,375. This represents a 19.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company’s stock.

About Rigel Pharmaceuticals

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).