Insider Selling: Rigel Pharmaceuticals (NASDAQ:RIGL) Director Sells 2,500 Shares of Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $29.17, for a total value of $72,925.00. Following the sale, the director owned 12,625 shares of the company’s stock, valued at approximately $368,271.25. This represents a 16.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Rigel Pharmaceuticals Stock Up 1.9%

Rigel Pharmaceuticals stock traded up $0.57 during mid-day trading on Thursday, reaching $30.05. 299,192 shares of the company were exchanged, compared to its average volume of 384,683. The business has a fifty day moving average of $28.72 and a 200 day moving average of $35.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.48 and a current ratio of 2.62. The firm has a market cap of $555.93 million, a P/E ratio of 1.61 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a 12-month low of $18.14 and a 12-month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The company had revenue of $58.82 million for the quarter, compared to analysts’ expectations of $62.40 million. Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%. Research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently made changes to their positions in RIGL. State Street Corp increased its position in shares of Rigel Pharmaceuticals by 96.9% in the 4th quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock valued at $46,737,000 after acquiring an additional 536,905 shares during the period. LSV Asset Management increased its position in shares of Rigel Pharmaceuticals by 390.8% in the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after acquiring an additional 433,382 shares during the period. Millennium Management LLC increased its position in shares of Rigel Pharmaceuticals by 309.7% in the 4th quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company’s stock valued at $18,479,000 after acquiring an additional 326,159 shares during the period. Marshall Wace LLP increased its position in shares of Rigel Pharmaceuticals by 63.0% in the 3rd quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock valued at $17,036,000 after acquiring an additional 232,383 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in shares of Rigel Pharmaceuticals by 110.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock valued at $10,226,000 after acquiring an additional 189,542 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RIGL. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Friday, May 22nd. Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. Citigroup reaffirmed a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Finally, Wall Street Zen downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Company 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).