Paulson & CO. Inc. Acquires 162,303 Shares of Rigel Pharmaceuticals, Inc. (RIGL)

Paulson & CO. Inc. increased its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 41.9% during the first quarter, Holdings Channel reports. The institutional investor owned 550,000 shares of the biotechnology company’s stock after buying an additional 162,303 shares during the period. Paulson & CO. Inc.’s holdings in Rigel Pharmaceuticals were worth $1,821,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its stake in shares of Rigel Pharmaceuticals by 11.3% in the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock worth $102,000 after buying an additional 3,118 shares in the last quarter. American International Group Inc. raised its stake in shares of Rigel Pharmaceuticals by 39.9% in the first quarter. American International Group Inc. now owns 74,900 shares of the biotechnology company’s stock worth $248,000 after buying an additional 21,345 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Rigel Pharmaceuticals by 68.6% in the first quarter. Wells Fargo & Company MN now owns 112,103 shares of the biotechnology company’s stock worth $371,000 after buying an additional 45,600 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $459,000. Finally, Teachers Advisors LLC raised its stake in shares of Rigel Pharmaceuticals by 26.0% in the fourth quarter. Teachers Advisors LLC now owns 213,368 shares of the biotechnology company’s stock worth $508,000 after buying an additional 43,965 shares in the last quarter. Hedge funds and other institutional investors own 89.84% of the company’s stock.

Institutional Ownership by Quarter for Rigel Pharmaceuticals (NASDAQ:RIGL)

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) traded down 4.58% during mid-day trading on Friday, reaching $2.50. 1,354,296 shares of the company traded hands. The firm has a 50-day moving average price of $2.56 and a 200 day moving average price of $2.62. Rigel Pharmaceuticals, Inc. has a 52 week low of $1.94 and a 52 week high of $4.38. The firm’s market capitalization is $306.08 million.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. Rigel Pharmaceuticals had a negative return on equity of 96.24% and a negative net margin of 354.14%. The business had revenue of $3.58 million during the quarter, compared to analyst estimates of $4.30 million. During the same quarter last year, the company posted ($0.19) EPS. On average, analysts anticipate that Rigel Pharmaceuticals, Inc. will post ($0.54) earnings per share for the current year.

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A number of analysts have recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $5.00 price target (down from $6.00) on shares of Rigel Pharmaceuticals in a research note on Thursday, March 9th. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Saturday, March 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $4.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 8th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $5.71.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include clinical studies of fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor in a range of indications.

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