China Universal Asset Management Co. Ltd. Takes Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

China Universal Asset Management Co. Ltd. bought a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,735 shares of the biotechnology company’s stock, valued at approximately $63,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in Rigel Pharmaceuticals by 42.8% in the fourth 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. Franklin Resources Inc. purchased a new stake in Rigel Pharmaceuticals during the third quarter valued at $193,000. Empire Financial Management Company LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter valued at $231,000. PDT Partners LLC purchased a new stake in Rigel Pharmaceuticals in the third quarter worth about $322,000. Finally, BNP Paribas Financial Markets grew its position in shares of Rigel Pharmaceuticals by 1,199.2% during the third quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock worth $340,000 after purchasing an additional 19,391 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Trading Down 2.3 %

Rigel Pharmaceuticals stock opened at $21.16 on Tuesday. The firm has a market capitalization of $372.73 million, a P/E ratio of 151.15 and a beta of 1.31. The stock’s fifty day simple moving average is $20.25 and its 200-day simple moving average is $16.78. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.69. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The firm had revenue of $55.31 million during the quarter, compared to the consensus estimate of $40.69 million. During the same quarter last year, the firm earned ($0.30) earnings per share. Sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RIGL. Citigroup increased their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. B. Riley lifted their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, December 6th. HC Wainwright reissued a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Piper Sandler lifted their price target on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald boosted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

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.