Lord Abbett & CO. LLC Has $15.88 Million Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Lord Abbett & CO. LLC reduced its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,374,699 shares of the biotechnology company’s stock after selling 58,325 shares during the period. Lord Abbett & CO. LLC’s holdings in Rigel Pharmaceuticals were worth $15,880,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter worth approximately $54,000. LPL Financial LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter worth approximately $70,000. Mackenzie Financial Corp lifted its holdings in Rigel Pharmaceuticals by 54.5% during the 2nd quarter. Mackenzie Financial Corp now owns 16,531 shares of the biotechnology company’s stock worth $72,000 after purchasing an additional 5,831 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Rigel Pharmaceuticals during the 2nd quarter worth $87,000. Finally, Teacher Retirement System of Texas increased its stake in Rigel Pharmaceuticals by 17.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,354 shares of the biotechnology company’s stock worth $97,000 after acquiring an additional 3,310 shares during the period. 80.62% of the stock is owned by institutional investors and hedge funds.

Shares of RIGL opened at $2.42 on Friday. Rigel Pharmaceuticals, Inc. has a 52-week low of $2.27 and a 52-week high of $5.50. The business’s fifty day moving average is $2.71 and its 200-day moving average is $3.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.77 and a current ratio of 2.89. The firm has a market cap of $413.83 million, a price-to-earnings ratio of -26.89 and a beta of 1.42.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, November 2nd. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.02). Rigel Pharmaceuticals had a negative net margin of 9.85% and a negative return on equity of 25.22%. The business had revenue of $21.54 million during the quarter, compared to the consensus estimate of $24.16 million. During the same quarter in the previous year, the business posted ($0.08) EPS. As a group, research analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.1 EPS for the current fiscal year.

A number of research firms have commented on RIGL. TheStreet lowered Rigel Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Wednesday, December 8th. BMO Capital Markets restated a “buy” rating and set a $8.00 price objective on shares of Rigel Pharmaceuticals in a research note on Monday, November 8th. Zacks Investment Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Saturday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 28th.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc operates as a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. The firm focuses on intracellular signalling pathways and related targets that are critical to disease mechanisms.

Further Reading: Quiet Period Expirations Explained

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

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