PDT Partners LLC Acquires New Stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

PDT Partners LLC bought a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,914 shares of the biotechnology company’s stock, valued at approximately $322,000. PDT Partners LLC owned approximately 0.11% of Rigel Pharmaceuticals as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RIGL. Vanguard Group Inc. grew its holdings in Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares in the last quarter. Ground Swell Capital LLC purchased a new stake in Rigel Pharmaceuticals in the 2nd quarter valued at $141,000. Assenagon Asset Management S.A. purchased a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at $7,148,000. Los Angeles Capital Management LLC grew its holdings in Rigel Pharmaceuticals by 34.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after buying an additional 22,443 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup upped their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, October 25th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Piper Sandler increased their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. 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’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $31.30.

Rigel Pharmaceuticals Price Performance

Shares of Rigel Pharmaceuticals stock opened at $27.05 on Wednesday. The business has a 50-day moving average of $18.81 and a 200 day moving average of $13.55. Rigel Pharmaceuticals, Inc. has a 12 month low of $7.48 and a 12 month high of $29.82. The stock has a market capitalization of $476.35 million, a price-to-earnings ratio of 193.23 and a beta of 1.22.

About Rigel Pharmaceuticals

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.