Palo Alto Investors LP Has $14.04 Million Position in Rigel Pharmaceuticals, Inc. (RIGL)

Palo Alto Investors LP raised its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 0.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,966,087 shares of the biotechnology company’s stock after purchasing an additional 30,503 shares during the period. Rigel Pharmaceuticals accounts for approximately 0.6% of Palo Alto Investors LP’s investment portfolio, making the stock its 24th biggest position. Palo Alto Investors LP’s holdings in Rigel Pharmaceuticals were worth $14,040,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. BlackRock Inc. raised its position in Rigel Pharmaceuticals by 20.7% during the 4th quarter. BlackRock Inc. now owns 11,225,669 shares of the biotechnology company’s stock worth $43,556,000 after purchasing an additional 1,924,998 shares during the last quarter. Millennium Management LLC raised its position in Rigel Pharmaceuticals by 104.9% during the 4th quarter. Millennium Management LLC now owns 5,574,333 shares of the biotechnology company’s stock worth $21,628,000 after purchasing an additional 2,854,414 shares during the last quarter. Palo Alto Investors LLC raised its position in Rigel Pharmaceuticals by 2.1% during the 4th quarter. Palo Alto Investors LLC now owns 3,935,584 shares of the biotechnology company’s stock worth $15,270,000 after purchasing an additional 80,560 shares during the last quarter. Rock Springs Capital Management LP raised its position in Rigel Pharmaceuticals by 4.0% during the 1st quarter. Rock Springs Capital Management LP now owns 2,575,000 shares of the biotechnology company’s stock worth $9,116,000 after purchasing an additional 100,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Rigel Pharmaceuticals by 47.7% during the 1st quarter. JPMorgan Chase & Co. now owns 2,021,618 shares of the biotechnology company’s stock worth $7,157,000 after purchasing an additional 652,856 shares during the last quarter. 84.51% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals opened at $3.29 on Thursday, MarketBeat.com reports. Rigel Pharmaceuticals, Inc. has a 1-year low of $2.14 and a 1-year high of $4.71. The stock has a market capitalization of $526.73 million, a PE ratio of -5.31 and a beta of 1.36.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 1st. The biotechnology company reported ($0.17) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.17). During the same period in the prior year, the business earned ($0.13) earnings per share. research analysts predict that Rigel Pharmaceuticals, Inc. will post -0.65 earnings per share for the current year.

RIGL has been the subject of several analyst reports. BidaskClub lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Cantor Fitzgerald reissued a “buy” rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, March 6th. HC Wainwright set a $7.00 price objective on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research lowered Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 10th. Finally, Piper Jaffray Companies lifted their price objective on Rigel Pharmaceuticals from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 17th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $7.63.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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

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