Stonepine Capital Management LLC Lowers Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Stonepine Capital Management LLC lessened its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 70.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 305,000 shares of the biotechnology company’s stock after selling 735,241 shares during the period. Rigel Pharmaceuticals makes up approximately 2.3% of Stonepine Capital Management LLC’s holdings, making the stock its 9th largest position. Stonepine Capital Management LLC’s holdings in Rigel Pharmaceuticals were worth $2,507,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ground Swell Capital LLC bought a new stake in shares of Rigel Pharmaceuticals in the second quarter worth $141,000. Bayesian Capital Management LP grew its stake in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 19,100 shares during the period. BNP Paribas Financial Markets increased its position in shares of Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 49.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Rigel Pharmaceuticals during the first quarter valued at approximately $2,012,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Friday, July 5th. Finally, HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $31.13.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $16.18 on Tuesday. The stock has a fifty day simple moving average of $12.56 and a two-hundred day simple moving average of $11.32. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.12 and a 52-week high of $17.30. The firm has a market capitalization of $284.61 million, a PE ratio of -13.48 and a beta of 0.93.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.31. The business had revenue of $36.84 million for the quarter, compared to the consensus estimate of $32.38 million. During the same period last year, the business posted ($0.40) EPS. On average, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

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.