OppenheimerFunds Inc. Acquires 1,566 Shares of Rigel Pharmaceuticals, Inc. (RIGL)

OppenheimerFunds Inc. raised its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 0.0% during the first quarter, Holdings Channel reports. The firm owned 5,001,566 shares of the biotechnology company’s stock after buying an additional 1,566 shares during the period. OppenheimerFunds Inc. owned 4.09% of Rigel Pharmaceuticals worth $16,555,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RIGL. FMR LLC raised its position in shares of Rigel Pharmaceuticals by 4.6% in the fourth quarter. FMR LLC now owns 14,833,279 shares of the biotechnology company’s stock worth $35,303,000 after buying an additional 652,133 shares during the period. Candriam Luxembourg S.C.A. raised its position in shares of Rigel Pharmaceuticals by 76.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 1,085,000 shares of the biotechnology company’s stock worth $3,592,000 after buying an additional 470,000 shares during the period. Paulson & CO. Inc. acquired a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $923,000. Russell Investments Group Ltd. acquired a new position in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $459,000. Finally, Bank of New York Mellon Corp raised its position in shares of Rigel Pharmaceuticals by 29.3% in the first quarter. Bank of New York Mellon Corp now owns 578,414 shares of the biotechnology company’s stock worth $1,915,000 after buying an additional 131,162 shares during the period. 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 trading on Friday, reaching $2.50. 1,354,296 shares of the company were exchanged. The stock’s market capitalization is $306.08 million. Rigel Pharmaceuticals, Inc. has a one year low of $1.94 and a one year high of $4.38. The stock has a 50-day moving average price of $2.54 and a 200-day moving average price of $2.62.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced 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. The firm had revenue of $3.58 million for the quarter, compared to analysts’ expectations of $4.30 million. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 96.24%. During the same period in the previous year, the company earned ($0.19) EPS. Analysts forecast that Rigel Pharmaceuticals, Inc. will post ($0.54) EPS for the current year.

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RIGL has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a report on Tuesday, May 2nd. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, May 3rd. Jefferies Group LLC reiterated a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 8th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $4.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price 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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