Broadfin Capital Ups Position in Rigel Pharmaceuticals, Inc. (RIGL)

Kevin Kotler‘s Broadfin Capital increased its exposure to Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), a filing with the SEC showed. Broadfin reported holding around 4.5 million shares of the company, up from some 3.6 million held at the end of September. The stake is passive by nature and amasses 5.1% of the company’s common stock.

Kevin Kotler

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is a clinical-stage drug development company. Earlier in October, the company provided updated regarding two of its pipeline products: R333 and Fostamatinib. The first drug, developed as a therapeutic for skin lesions for patients with discoid lupus erythematosus, did not meet the expectations in the Phase 2 clinical study, the company said in a statement. Rigel also conducted a meeting with FDA regarding the Phase 2 of fostamatinib, a drug for patients with immune thrombocytopenic purpura. The company plans to move on to Phase 3 studies during the next year.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has also attracted some other hedge funds, which revealed ownership of shares in the latest round of 13F filings.William Leland Edwards Palo Alto Investors, owns, so far, the largest position, with 6.30 million shares, valued at $22.55 million; Millennium Management, managed by Israel Englander holds 2.89 million shares valued at $10.35 million. The fourth hedge fund with the largest stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is D E Shaw’s D. E. Shaw, which holds 1.09 million shares which is valued at $3.92 million.

Broadfin Capital invests primarily in the healthcare sector, with smaller interest in the services and other sectors.

In the last quarter, Broadfin Capital reported movement in some other companies, in addition to Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL):  Horizon Pharma Inc (NASDAQ:HZNP) and Alliqua Inc (OTCMKTS:ALQA). In Horizon Pharma Inc, the fund has moved to 3.9 million shares from its earlier 1.9 million shares, holding 5.9% of the company’s stock. In Alliqua Inc it holds 774,400 as shares, which is 7.8% of the common stock. Also, the fund has increased its position in Derma Sciences Inc (NASDAQ:DSCI) moving from 771,600 shares to 871,600 shares.

Disclosure: none

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