Hillsdale Investment Management Inc. Has $2.86 Million Stock Holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Hillsdale Investment Management Inc. increased its holdings in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 814.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 170,100 shares of the biotechnology company’s stock after acquiring an additional 151,500 shares during the period. Hillsdale Investment Management Inc. owned about 0.97% of Rigel Pharmaceuticals worth $2,861,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RIGL. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares in the last quarter. FMR LLC lifted its position in shares of Rigel Pharmaceuticals by 119.4% during the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after buying an additional 26,184 shares during the period. BNP Paribas Financial Markets boosted its stake in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after buying an additional 19,391 shares in the last quarter. Stonepine Capital Management LLC grew its position in Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company’s stock valued at $5,001,000 after acquiring an additional 4,100 shares during the period. Finally, PDT Partners LLC acquired a new position in Rigel Pharmaceuticals during the third quarter worth $322,000. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

RIGL opened at $20.20 on Friday. The stock has a market capitalization of $360.83 million, a P/E ratio of 144.30 and a beta of 1.35. The company’s 50 day simple moving average is $20.91 and its 200-day simple moving average is $19.02. Rigel Pharmaceuticals, Inc. has a one year low of $7.48 and a one year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.50. The business had revenue of $57.60 million during the quarter, compared to the consensus estimate of $57.59 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. As a group, analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David A. Santos sold 2,125 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now directly owns 53,500 shares in the company, valued at approximately $1,119,220. This represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,113 shares of company stock worth $190,644 in the last quarter. Corporate insiders own 9.04% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. B. Riley raised their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. Cantor Fitzgerald boosted their target price on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Finally, Citigroup boosted their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target 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.