Hillsdale Investment Management Inc. Acquires 22,330 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Hillsdale Investment Management Inc. grew its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 8.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 284,394 shares of the biotechnology company’s stock after purchasing an additional 22,330 shares during the period. Hillsdale Investment Management Inc. owned about 1.57% of Rigel Pharmaceuticals worth $8,057,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Armistice Capital LLC increased its stake in Rigel Pharmaceuticals by 5.5% in the 2nd quarter. Armistice Capital LLC now owns 1,600,000 shares of the biotechnology company’s stock valued at $29,968,000 after buying an additional 84,000 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 10.3% in the 2nd quarter. Acadian Asset Management LLC now owns 623,004 shares of the biotechnology company’s stock valued at $11,664,000 after acquiring an additional 57,959 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 415,607 shares of the biotechnology company’s stock valued at $7,786,000 after acquiring an additional 4,439 shares in the last quarter. Marshall Wace LLP increased its position in shares of Rigel Pharmaceuticals by 74.2% in the second quarter. Marshall Wace LLP now owns 368,950 shares of the biotechnology company’s stock valued at $6,910,000 after acquiring an additional 157,202 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Rigel Pharmaceuticals by 41.7% during the second quarter. Bank of America Corp DE now owns 187,621 shares of the biotechnology company’s stock worth $3,514,000 after acquiring an additional 55,184 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Down 3.2%

RIGL stock opened at $35.46 on Friday. Rigel Pharmaceuticals, Inc. has a one year low of $15.50 and a one year high of $52.24. The stock has a market cap of $643.60 million, a price-to-earnings ratio of 5.75 and a beta of 1.11. The company has a fifty day moving average price of $38.89 and a two-hundred day moving average price of $37.30. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RIGL shares. Zacks Research upgraded Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, January 14th. Cantor Fitzgerald raised their target price on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Wall Street Zen raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their price objective for the company from $23.00 to $42.00 in a research report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $43.20.

Rigel Pharmaceuticals Profile

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).