Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC cut its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 79.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,200 shares of the biotechnology company’s stock after selling 49,935 shares during the quarter. Cubist Systematic Strategies LLC owned 0.08% of Rigel Pharmaceuticals worth $109,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 414,207 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Rigel Pharmaceuticals by 18.2% in the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after buying an additional 843,419 shares during the period. CM Management LLC increased its position in shares of Rigel Pharmaceuticals by 17.6% in the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after acquiring an additional 300,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Rigel Pharmaceuticals during the first quarter valued at approximately $2,012,000. Finally, Los Angeles Capital Management LLC lifted its position 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 valued at $893,000 after acquiring an additional 198,712 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Trading Up 1.2 %

NASDAQ RIGL opened at $15.30 on Wednesday. Rigel Pharmaceuticals, Inc. has a 1-year low of $7.12 and a 1-year high of $17.30. The firm’s fifty day simple moving average is $13.75 and its 200-day simple moving average is $11.43. The company has a market capitalization of $269.13 million, a PE ratio of -17.79 and a beta of 0.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.31. The firm had revenue of $36.84 million during the quarter, compared to analyst estimates of $32.38 million. During the same period in the previous year, the company earned ($0.40) earnings per share. As a group, analysts predict that Rigel Pharmaceuticals, Inc. will post -0.72 EPS for the current year.

Analyst Ratings Changes

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

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.