Granite Investment Partners LLC lifted its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 87.8% during the 1st quarter, Holdings Channel reports. The firm owned 135,438 shares of the biotechnology company’s stock after acquiring an additional 63,330 shares during the quarter. Granite Investment Partners LLC’s holdings in Rigel Pharmaceuticals were worth $348,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Rigel Pharmaceuticals by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,414,959 shares of the biotechnology company’s stock valued at $23,802,000 after acquiring an additional 46,784 shares during the period. Rhumbline Advisers increased its position in shares of Rigel Pharmaceuticals by 48.8% in the 4th quarter. Rhumbline Advisers now owns 218,130 shares of the biotechnology company’s stock valued at $502,000 after acquiring an additional 71,490 shares during the period. BlackRock Inc. increased its position in shares of Rigel Pharmaceuticals by 0.7% in the 4th quarter. BlackRock Inc. now owns 13,724,460 shares of the biotechnology company’s stock valued at $31,567,000 after acquiring an additional 89,356 shares during the period. Bank of New York Mellon Corp increased its position in shares of Rigel Pharmaceuticals by 3.5% in the 4th quarter. Bank of New York Mellon Corp now owns 715,482 shares of the biotechnology company’s stock valued at $1,646,000 after acquiring an additional 24,436 shares during the period. Finally, Tamarack Advisers LP increased its position in shares of Rigel Pharmaceuticals by 20.9% in the 4th quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock valued at $12,650,000 after acquiring an additional 950,000 shares during the period. 93.04% of the stock is currently owned by institutional investors.
In other Rigel Pharmaceuticals news, CFO Dean L. Schorno purchased 50,000 shares of the stock in a transaction on Wednesday, May 22nd. The shares were bought at an average cost of $2.13 per share, with a total value of $106,500.00. Following the completion of the acquisition, the chief financial officer now owns 46,726 shares in the company, valued at $99,526.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.96% of the stock is currently owned by corporate insiders.
NASDAQ RIGL opened at $2.12 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.29 and a current ratio of 5.33. Rigel Pharmaceuticals, Inc. has a 1 year low of $1.96 and a 1 year high of $3.65. The firm has a market capitalization of $339.40 million, a P/E ratio of -4.82 and a beta of 1.14.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. The company had revenue of $12.62 million for the quarter, compared to analyst estimates of $12.00 million. During the same period in the prior year, the company earned ($0.17) earnings per share. On average, analysts expect that Rigel Pharmaceuticals, Inc. will post -0.31 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on RIGL shares. BidaskClub raised Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Tuesday, May 7th. Cantor Fitzgerald reissued a “buy” rating and issued a $7.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, May 7th. Finally, Zacks Investment Research raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.50 target price on the stock in a research report on Saturday, May 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $6.60.
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About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.
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