Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is Stonepine Capital Management LLC’s 9th Largest Position

Stonepine Capital Management LLC reduced its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 70.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 305,000 shares of the biotechnology company’s stock after selling 735,241 shares during the quarter. Rigel Pharmaceuticals comprises 2.3% of Stonepine Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Stonepine Capital Management LLC owned approximately 1.73% of Rigel Pharmaceuticals worth $2,507,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Rigel Pharmaceuticals in the first quarter valued at $2,012,000. Acadian Asset Management LLC lifted its position in shares of Rigel Pharmaceuticals by 18.2% in the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after purchasing an additional 843,419 shares during the period. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 414,207 shares in the last quarter. CM Management LLC increased its position in shares of Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after buying an additional 300,000 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in Rigel Pharmaceuticals by 49.1% in the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after buying an additional 198,712 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Stock Down 1.5 %

Rigel Pharmaceuticals stock opened at $16.18 on Tuesday. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.12 and a twelve month high of $17.30. The company has a market capitalization of $284.61 million, a P/E ratio of -13.48 and a beta of 0.93. The stock’s 50 day moving average is $12.56 and its 200 day moving average is $11.32.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.31. The company had revenue of $36.84 million for the quarter, compared to the consensus estimate of $32.38 million. During the same quarter in the previous year, the business earned ($0.40) earnings per share. As a group, equities analysts expect that Rigel Pharmaceuticals, Inc. will post -0.72 EPS for the current year.

Wall Street Analysts Forecast Growth

RIGL has been the topic of a number of research analyst reports. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, July 5th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 3rd. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a research report on Friday, September 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $31.13.

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.