Globeflex Capital L P Invests $4.41 Million in Rigel Pharmaceuticals, Inc. $RIGL

Globeflex Capital L P acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 112,672 shares of the biotechnology company’s stock, valued at approximately $4,408,000.

Several other institutional investors have also recently added to or reduced their stakes in RIGL. BlackRock Inc. purchased a new stake in Rigel Pharmaceuticals in the second quarter valued at approximately $75,886,000. Deutsche Bank AG acquired a new position in Rigel Pharmaceuticals during the second quarter worth $702,000. Persistent Asset Partners Ltd purchased a new position in shares of Rigel Pharmaceuticals during the second quarter worth $228,000. Bank of New York Mellon Corp purchased a new position in shares of Rigel Pharmaceuticals during the second quarter worth $4,233,000. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of Rigel Pharmaceuticals by 32.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 87,844 shares of the biotechnology company’s stock valued at $3,436,000 after buying an additional 21,602 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Price Performance

Shares of RIGL stock opened at $45.89 on Monday. The firm has a 50 day moving average of $39.39 and a two-hundred day moving average of $33.48. The stock has a market capitalization of $848.97 million, a PE ratio of 2.81 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a 52 week low of $24.95 and a 52 week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. Analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RIGL shares. Zacks Research upgraded Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. HC Wainwright restated a “buy” rating and set a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Weiss Ratings raised Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Piper Sandler reiterated a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Finally, Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. The trade was a 19.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by insiders.

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).