JPMorgan Chase & Co. Purchases 8,140 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

JPMorgan Chase & Co. increased its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,238 shares of the biotechnology company’s stock after buying an additional 8,140 shares during the quarter. JPMorgan Chase & Co. owned about 0.15% of Rigel Pharmaceuticals worth $425,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth about $193,000. Barclays PLC boosted its stake in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after purchasing an additional 16,772 shares in the last quarter. Empire Financial Management Company LLC purchased a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at about $231,000. Geode Capital Management LLC increased its holdings in Rigel Pharmaceuticals by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock worth $6,468,000 after buying an additional 8,881 shares during the period. Finally, State Street Corp lifted its position in Rigel Pharmaceuticals by 0.7% during the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after purchasing an additional 2,552 shares during the period. Institutional investors own 66.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RIGL shares. StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Citigroup upped their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Piper Sandler lifted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Rigel Pharmaceuticals Stock Up 1.5 %

Shares of Rigel Pharmaceuticals stock opened at $22.49 on Thursday. The company has a market capitalization of $396.05 million, a P/E ratio of 160.65 and a beta of 1.31. The company has a 50 day moving average of $20.48 and a 200 day moving average of $16.50. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.48 and a 52-week high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.01 by $0.69. The firm had revenue of $55.31 million for the quarter, compared to analyst estimates of $40.69 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. During the same period last year, the business earned ($0.30) EPS. As a group, research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Rigel Pharmaceuticals Company 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.