Connor Clark & Lunn Investment Management Ltd. Acquires 41,122 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 42.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,128 shares of the biotechnology company’s stock after purchasing an additional 41,122 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rigel Pharmaceuticals were worth $2,340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PDT Partners LLC bought a new position in Rigel Pharmaceuticals during the 3rd quarter valued at approximately $322,000. Barclays PLC raised its position in shares of 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 acquiring an additional 16,772 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Rigel Pharmaceuticals by 45.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after acquiring an additional 8,140 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 2,827 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 8,881 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Down 3.3 %

RIGL stock opened at $20.33 on Wednesday. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82. The firm has a market cap of $363.15 million, a PE ratio of 145.22 and a beta of 1.35. The business has a 50 day moving average of $20.66 and a 200 day moving average of $18.91.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The company had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.59 million. On average, research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the sale, the chief financial officer now directly owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David A. Santos sold 2,125 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares in the company, valued at approximately $1,119,220. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock valued at $190,644 in the last 90 days. Corporate insiders own 9.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RIGL shares. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 8th. HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Citigroup increased their target price on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. B. Riley increased their target price on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald increased their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.

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.