Hennion & Walsh Asset Management Inc. Buys 21,602 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Hennion & Walsh Asset Management Inc. boosted its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 32.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,844 shares of the biotechnology company’s stock after buying an additional 21,602 shares during the period. Hennion & Walsh Asset Management Inc. owned 0.47% of Rigel Pharmaceuticals worth $3,436,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $62,000. Wexford Capital LP bought a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $66,000. CWM LLC grew its stake in Rigel Pharmaceuticals by 217.0% in the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 1,226 shares during the period. Finally, Legal & General Group Plc grew its stake in Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares during the period. 66.23% of the stock is owned by institutional investors.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 insiders.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $41.66 on Tuesday. Rigel Pharmaceuticals, Inc. has a one year low of $24.95 and a one year high of $52.24. The company’s 50-day moving average is $37.11 and its 200 day moving average is $33.04. The company has a market capitalization of $770.71 million, a price-to-earnings ratio of 2.55 and a beta of 1.16.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.79. The business had revenue of $78.70 million during the quarter, compared to analysts’ expectations of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. As a group, research analysts predict that Rigel Pharmaceuticals, Inc. will post 2.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on RIGL shares. Citigroup reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. 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. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.50.

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).