Watershed Asset Management L.L.C. Takes $443,000 Position in Rigel Pharmaceuticals, Inc. $RIGL

Watershed Asset Management L.L.C. purchased a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 16,385 shares of the biotechnology company’s stock, valued at approximately $443,000. Watershed Asset Management L.L.C. owned about 0.09% of Rigel Pharmaceuticals at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. IFP Advisors Inc purchased a new position in Rigel Pharmaceuticals in the 3rd quarter valued at $55,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Rigel Pharmaceuticals by 400.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after buying an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $62,000. Wexford Capital LP acquired a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $66,000. Finally, CWM LLC raised its position in shares of Rigel Pharmaceuticals by 217.0% in the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 1,226 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIGL has been the topic of several research reports. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Tuesday, April 21st. Citigroup reiterated a “buy” rating and issued a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Finally, Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. 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 stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.50.

Rigel Pharmaceuticals Stock Down 2.7%

Shares of NASDAQ:RIGL opened at $40.54 on Friday. Rigel Pharmaceuticals, Inc. has a 52-week low of $18.66 and a 52-week high of $52.24. The stock has a market cap of $749.99 million, a P/E ratio of 2.17 and a beta of 1.14. The business has a fifty day moving average of $34.16 and a two-hundred day moving average of $33.35. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate 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%. On average, research analysts expect that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current year.

Insider Transactions at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the sale, the director directly owned 10,125 shares in the company, valued at approximately $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company’s stock.

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).