Dean L. Schorno Acquires 50,000 Shares of Rigel Pharmaceuticals, Inc. (RIGL) Stock

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Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CFO Dean L. Schorno bought 50,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were purchased at an average cost of $2.13 per share, for a total transaction of $106,500.00. Following the transaction, the chief financial officer now owns 46,726 shares in the company, valued at $99,526.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Rigel Pharmaceuticals stock opened at $2.14 on Friday. Rigel Pharmaceuticals, Inc. has a 52 week low of $1.96 and a 52 week high of $3.98. The company has a current ratio of 5.33, a quick ratio of 5.29 and a debt-to-equity ratio of 0.26. The company has a market cap of $357.79 million, a price-to-earnings ratio of -4.86 and a beta of 1.18.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.02. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. The company had revenue of $12.62 million during the quarter, compared to analyst estimates of $12.00 million. During the same quarter last year, the business posted ($0.17) EPS. As a group, sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post -0.31 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of RIGL. Morgan Stanley increased its stake in shares of Rigel Pharmaceuticals by 87.0% during the 3rd quarter. Morgan Stanley now owns 2,710,087 shares of the biotechnology company’s stock worth $8,699,000 after purchasing an additional 1,260,718 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Rigel Pharmaceuticals by 251.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,630,034 shares of the biotechnology company’s stock worth $3,749,000 after purchasing an additional 1,166,694 shares during the last quarter. Tamarack Advisers LP increased its stake in shares of Rigel Pharmaceuticals by 20.9% during the 4th quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock worth $12,650,000 after purchasing an additional 950,000 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Rigel Pharmaceuticals by 241.0% during the 1st quarter. Marshall Wace LLP now owns 1,146,397 shares of the biotechnology company’s stock worth $2,946,000 after purchasing an additional 810,228 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $1,668,000. Institutional investors own 95.50% of the company’s stock.

RIGL has been the topic of several recent analyst reports. Cantor Fitzgerald reissued a “buy” rating and set a $7.00 target price (down previously from $9.00) on shares of Rigel Pharmaceuticals in a research report on Thursday, February 28th. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, February 1st. Finally, BidaskClub cut shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $6.60.

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Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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