Pale Fire Capital SE Takes $385,000 Position in Rigel Pharmaceuticals, Inc. $RIGL

Pale Fire Capital SE purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 14,252 shares of the biotechnology company’s stock, valued at approximately $385,000. Pale Fire Capital SE owned about 0.08% of Rigel Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. raised its holdings in Rigel Pharmaceuticals by 12.7% during the 1st quarter. Sei Investments Co. now owns 30,192 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 3,399 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Rigel Pharmaceuticals by 2.8% in the 1st quarter. First Trust Advisors LP now owns 66,669 shares of the biotechnology company’s stock valued at $1,803,000 after purchasing an additional 1,844 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Rigel Pharmaceuticals by 37.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock valued at $10,259,000 after purchasing an additional 102,729 shares during the last quarter. Watershed Asset Management L.L.C. acquired a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $443,000. Finally, Principal Financial Group Inc. grew its position in shares of Rigel Pharmaceuticals by 133.8% during the 1st quarter. Principal Financial Group Inc. now owns 48,646 shares of the biotechnology company’s stock worth $1,315,000 after buying an additional 27,843 shares during the period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $36.74 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. The stock has a market cap of $679.76 million, a PE ratio of 1.96 and a beta of 1.14. The stock has a 50-day moving average of $35.00 and a 200-day moving average of $33.19. Rigel Pharmaceuticals, Inc. has a one year low of $19.51 and a one year high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly 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 firm had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. As a group, sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current year.

Analyst Ratings Changes

RIGL has been the subject of a number of recent research reports. Citigroup reissued a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Finally, Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $54.50.

Insider Buying and Selling at Rigel Pharmaceuticals

In other news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the transaction, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The sale 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 currently owned by corporate insiders.

About Rigel Pharmaceuticals

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).