Jacobs Levy Equity Management Inc. Reduces Stock Holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Jacobs Levy Equity Management Inc. lessened its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 25.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 177,340 shares of the biotechnology company’s stock after selling 60,913 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Rigel Pharmaceuticals were worth $2,869,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $7,148,000. Vanguard Group Inc. grew its position 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 acquiring an additional 414,207 shares during the last quarter. FMR LLC increased its stake in Rigel Pharmaceuticals by 119.4% in the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after purchasing an additional 26,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 worth $1,586,000 after purchasing an additional 22,443 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $322,000. 66.23% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $25.45 on Friday. The company has a market cap of $448.17 million, a PE ratio of 181.80 and a beta of 1.22. The firm’s 50 day moving average price is $19.62 and its 200-day moving average price is $13.99. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.48 and a 52-week high of $29.82.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Piper Sandler raised their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Citigroup raised their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Finally, B. Riley upped their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday. Three 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.20.

Rigel Pharmaceuticals Company 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.