Stonepine Capital Management LLC Purchases 4,100 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Stonepine Capital Management LLC increased its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 309,100 shares of the biotechnology company’s stock after acquiring an additional 4,100 shares during the quarter. Rigel Pharmaceuticals makes up about 3.2% of Stonepine Capital Management LLC’s holdings, making the stock its 7th biggest position. Stonepine Capital Management LLC owned 1.76% of Rigel Pharmaceuticals worth $5,001,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RIGL. Assenagon Asset Management S.A. purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $7,148,000. Vanguard Group Inc. raised its stake in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after acquiring an additional 414,207 shares during the last quarter. FMR LLC lifted its position in Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after acquiring an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Rigel Pharmaceuticals by 29.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Rigel Pharmaceuticals by 1,199.2% in the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after purchasing an additional 19,391 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RIGL. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. Piper Sandler boosted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Citigroup raised their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $31.30.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock traded up $0.21 during midday trading on Wednesday, reaching $26.91. 19,242 shares of the company traded hands, compared to its average volume of 162,482. The firm has a market cap of $474.02 million, a PE ratio of 187.36 and a beta of 0.96. The firm’s 50 day simple moving average is $17.44 and its two-hundred day simple moving average is $12.92. Rigel Pharmaceuticals, Inc. has a 1-year low of $7.48 and a 1-year high of $29.82.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.