Rigel Pharmaceuticals, Inc. $RIGL Stock Bought by Sterling Capital Management LLC

Sterling Capital Management LLC lifted its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 12,218.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,700 shares of the biotechnology company’s stock after buying an additional 45,329 shares during the period. Sterling Capital Management LLC’s holdings in Rigel Pharmaceuticals were worth $2,200,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Rigel Pharmaceuticals during the second quarter worth $75,886,000. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at $25,793,000. Bank of America Corp DE bought a new position in Rigel Pharmaceuticals during the 2nd quarter valued at $4,832,000. Globeflex Capital L P bought a new position in Rigel Pharmaceuticals during the 2nd quarter valued at $4,408,000. Finally, Bank of New York Mellon Corp bought a new position in Rigel Pharmaceuticals during the 2nd quarter valued at $4,233,000. Institutional investors own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RIGL shares. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price objective on shares of Rigel Pharmaceuticals in a report on Monday, October 19th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $59.00.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $48.13 on Monday. The firm has a market cap of $890.40 million, a PE ratio of 2.95 and a beta of 1.19. The business has a 50 day moving average of $47.15 and a 200-day moving average of $38.80. Rigel Pharmaceuticals, Inc. has a 12-month low of $24.95 and a 12-month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. On average, research analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc (NASDAQ:RIGL) is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel’s primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.