Rigel Pharmaceuticals, Inc. $RIGL Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lowered its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 53.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,399 shares of the biotechnology company’s stock after selling 49,278 shares during the quarter. Voya Investment Management LLC owned approximately 0.24% of Rigel Pharmaceuticals worth $1,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of RIGL. RMG Wealth Management LLC acquired a new position in Rigel Pharmaceuticals in the second quarter valued at $41,000. Laurel Wealth Advisors LLC increased its position in Rigel Pharmaceuticals by 1,773.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock valued at $53,000 after acquiring an additional 2,660 shares during the period. Legal & General Group Plc increased its position in Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after acquiring an additional 2,442 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at approximately $178,000. Finally, AQR Capital Management LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $191,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $42.83 on Wednesday. The company has a market cap of $777.41 million, a price-to-earnings ratio of 6.94 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14. Rigel Pharmaceuticals, Inc. has a 12 month low of $15.50 and a 12 month high of $52.24. The stock’s 50-day moving average is $40.77 and its 200-day moving average is $32.73.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 4th. The biotechnology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.53. Rigel Pharmaceuticals had a net margin of 40.17% and a return on equity of 204.70%. The business had revenue of $69.46 million for the quarter, compared to analyst estimates of $61.88 million. Equities analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

RIGL has been the subject of several analyst reports. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Jefferies Financial Group upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $42.00 in a research report on Wednesday, November 5th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, October 8th. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.20.

Rigel Pharmaceuticals Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).