Insider Selling: Rigel Pharmaceuticals (NASDAQ:RIGL) Director Sells $72,925.00 in Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $29.17, for a total value of $72,925.00. Following the transaction, the director owned 12,625 shares of the company’s stock, valued at approximately $368,271.25. This represents a 16.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rigel Pharmaceuticals Price Performance

Shares of Rigel Pharmaceuticals stock opened at $30.49 on Friday. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04. The company has a market cap of $564.07 million, a PE ratio of 1.63 and a beta of 1.21. The business has a 50 day moving average of $28.90 and a 200 day moving average of $35.28. Rigel Pharmaceuticals, Inc. has a 52 week low of $18.14 and a 52 week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The business had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. As a group, equities research analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its stake in Rigel Pharmaceuticals by 96.9% in the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock worth $46,737,000 after purchasing an additional 536,905 shares during the period. Armistice Capital LLC increased its position in Rigel Pharmaceuticals by 15.5% during the 4th quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock valued at $35,806,000 after buying an additional 112,000 shares in the last quarter. Marshall Wace LLP increased its position in Rigel Pharmaceuticals by 2.0% during the 4th quarter. Marshall Wace LLP now owns 613,600 shares of the biotechnology company’s stock valued at $26,280,000 after buying an additional 12,267 shares in the last quarter. LSV Asset Management increased its position in Rigel Pharmaceuticals by 390.8% during the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after buying an additional 433,382 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Rigel Pharmaceuticals by 13.7% during the 4th quarter. Renaissance Technologies LLC now owns 539,009 shares of the biotechnology company’s stock valued at $23,086,000 after buying an additional 64,800 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIGL has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Citigroup restated a “buy” rating and set a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Wall Street Zen cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, May 22nd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $54.50.

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).