Franklin Resources Inc. Makes New Investment in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Franklin Resources Inc. acquired a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,766 shares of the biotechnology company’s stock, valued at approximately $193,000. Franklin Resources Inc. owned approximately 0.07% of Rigel Pharmaceuticals at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RIGL. Assenagon Asset Management S.A. acquired a new position in Rigel Pharmaceuticals during the third quarter valued at approximately $7,148,000. Geode Capital Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after acquiring an additional 8,881 shares in the last quarter. State Street Corp boosted its position in Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after purchasing an additional 2,552 shares during the period. Stonepine Capital Management LLC increased its holdings in Rigel Pharmaceuticals by 1.3% in the 3rd quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in 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. Institutional investors and hedge funds own 66.23% of the company’s stock.

Analyst Ratings Changes

RIGL has been the subject of several analyst reports. B. Riley upped their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Citigroup upped their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, December 10th. Finally, StockNews.com raised shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Trading Up 3.0 %

Rigel Pharmaceuticals stock opened at $17.32 on Friday. The stock has a 50 day moving average of $20.58 and a 200-day moving average of $15.07. The stock has a market cap of $305.09 million, a P/E ratio of 123.72 and a beta of 1.22. Rigel Pharmaceuticals, Inc. has a 52 week low of $7.48 and a 52 week 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.