Hennion & Walsh Asset Management Inc. Invests $2.24 Million in Rigel Pharmaceuticals, Inc. $RIGL

Hennion & Walsh Asset Management Inc. acquired a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the fourth quarter, Holdings Channel.com reports. The fund acquired 52,189 shares of the biotechnology company’s stock, valued at approximately $2,235,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in Rigel Pharmaceuticals by 82.0% during the 4th quarter. SG Americas Securities LLC now owns 12,768 shares of the biotechnology company’s stock worth $547,000 after acquiring an additional 5,754 shares in the last quarter. JPMorgan Chase & Co. grew its position in Rigel Pharmaceuticals by 251.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,960 shares of the biotechnology company’s stock valued at $990,000 after acquiring an additional 25,013 shares in the last quarter. IFP Advisors Inc purchased a new stake in Rigel Pharmaceuticals during the third quarter worth about $55,000. Caitong International Asset Management Co. Ltd purchased a new stake in Rigel Pharmaceuticals during the third quarter worth about $62,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $581,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Insider Transactions at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $36.36, for a total value of $145,440.00. Following the completion of the transaction, the director owned 12,722 shares in the company, valued at $462,571.92. The trade was a 23.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RIGL shares. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Wall Street Zen cut shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.67.

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $27.50 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.42 and a quick ratio of 2.30. The firm has a market capitalization of $508.01 million, a P/E ratio of 1.45 and a beta of 1.10. The business’s 50-day moving average is $31.73 and its two-hundred day moving average is $35.59. Rigel Pharmaceuticals, Inc. has a 1 year low of $15.50 and a 1 year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, March 3rd. The biotechnology company reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.19). Rigel Pharmaceuticals had a return on equity of 79.84% and a net margin of 124.72%.The company had revenue of $69.80 million for the quarter, compared to analyst estimates of $68.70 million. Analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

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).