Rigel Pharmaceuticals, Inc. (RIGL) Stake Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 29.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 578,414 shares of the biotechnology company’s stock after buying an additional 131,162 shares during the period. Bank of New York Mellon Corp owned about 0.47% of Rigel Pharmaceuticals worth $1,915,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of RIGL. Wells Fargo & Company MN increased its stake in Rigel Pharmaceuticals by 68.6% in the first quarter. Wells Fargo & Company MN now owns 112,103 shares of the biotechnology company’s stock worth $371,000 after buying an additional 45,600 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in Rigel Pharmaceuticals by 76.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 1,085,000 shares of the biotechnology company’s stock worth $3,592,000 after buying an additional 470,000 shares in the last quarter. Teachers Advisors LLC increased its stake in Rigel Pharmaceuticals by 26.0% in the fourth quarter. Teachers Advisors LLC now owns 213,368 shares of the biotechnology company’s stock worth $508,000 after buying an additional 43,965 shares in the last quarter. FMR LLC increased its stake in Rigel Pharmaceuticals by 4.6% in the fourth quarter. FMR LLC now owns 14,833,279 shares of the biotechnology company’s stock worth $35,303,000 after buying an additional 652,133 shares in the last quarter. Finally, State Street Corp increased its stake in Rigel Pharmaceuticals by 7.1% in the fourth quarter. State Street Corp now owns 1,712,369 shares of the biotechnology company’s stock worth $4,070,000 after buying an additional 112,796 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ RIGL) traded down 0.44% during mid-day trading on Wednesday, reaching $2.26. The company’s stock had a trading volume of 343,952 shares. The firm’s market cap is $281.13 million. Rigel Pharmaceuticals, Inc. has a 12 month low of $1.94 and a 12 month high of $4.38. The company has a 50-day moving average of $2.50 and a 200-day moving average of $2.65.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 1st. The biotechnology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 105.86%. During the same period in the prior year, the company earned ($0.15) earnings per share. On average, analysts predict that Rigel Pharmaceuticals, Inc. will post ($0.60) earnings per share for the current year.

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A number of equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, April 29th. HC Wainwright reissued a “buy” rating and set a $6.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, May 3rd. BMO Capital Markets reissued an “outperform” rating and set a $5.00 price objective (up from $4.00) on shares of Rigel Pharmaceuticals in a report on Monday, June 19th. BidaskClub cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, ValuEngine cut Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $6.05.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

Institutional Ownership by Quarter for Rigel Pharmaceuticals (NASDAQ:RIGL)

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