Is Rigel Pharmaceuticals, Inc. (RIGL) Worthy of Your Portfolio?

Now, key money managers have been driving this bullishness. Cormorant Asset Management, led by Bihua Chen, created the most outsized position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL). Cormorant Asset Management had $4.2 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $0.8 million position during the quarter. The following funds were also among the new RIGL investors: Glenn Russell Dubin’s Highbridge Capital Management and Vishal Saluja and Pham Quang’s Endurant Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL). We will take a look at MidWestOne Financial Group, Inc. (NASDAQ:MOFG), Liquidity Services, Inc. (NASDAQ:LQDT), Heidrick & Struggles International, Inc. (NASDAQ:HSII), and Rockwell Medical Inc (NASDAQ:RMTI). This group of stocks’ market values are similar to RIGL’s market value.

As you can see these stocks had an average of eight funds with bullish positions and the average amount invested in these stocks was just $28 million. That figure was $77 million in RIGL’s case. Heidrick & Struggles International, Inc. (NASDAQ:HSII) is the most popular stock in this table. On the other hand MidWestOne Financial Group, Inc. (NASDAQ:MOFG) is the least popular one with only three funds holding long positions. Compared to these stocks Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none