Empowered Funds LLC Purchases New Position in Rigel Pharmaceuticals, Inc. $RIGL

Empowered Funds LLC purchased a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 79,184 shares of the biotechnology company’s stock, valued at approximately $3,098,000.

Several other large investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rigel Pharmaceuticals by 400.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after buying an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $62,000. Wexford Capital LP acquired a new position in Rigel Pharmaceuticals in the third quarter worth $66,000. CWM LLC increased its stake in shares of Rigel Pharmaceuticals by 217.0% in the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 1,226 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares during the last quarter. 66.23% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $47.50 on Wednesday. The stock has a market capitalization of $878.75 million, a P/E ratio of 2.91 and a beta of 1.20. Rigel Pharmaceuticals, Inc. has a 52 week low of $24.95 and a 52 week high of $52.24. The stock has a fifty day moving average of $41.17 and a 200-day moving average of $34.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Equities research analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Piper Sandler restated a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. HC Wainwright reiterated a “buy” rating and set a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Finally, Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Hold” and a consensus target price of $59.00.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.47% of the company’s stock.

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).