Kamil Ali-Jackson Sells 2,500 Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) Stock

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

Rigel Pharmaceuticals Stock Up 1.5%

Rigel Pharmaceuticals stock opened at $30.49 on Friday. Rigel Pharmaceuticals, Inc. has a 1-year low of $18.14 and a 1-year high of $52.24. The firm has a market capitalization of $564.13 million, a price-to-earnings ratio of 1.63 and a beta of 1.21. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. The firm has a 50 day simple moving average of $28.90 and a 200 day simple moving average of $35.28.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data 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). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The business had revenue of $58.82 million during the quarter, compared to analysts’ expectations of $62.40 million. On average, analysts predict that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Bank of America Corp DE grew its position in shares of Rigel Pharmaceuticals by 23.2% during the 1st quarter. Bank of America Corp DE now owns 144,131 shares of the biotechnology company’s stock valued at $3,897,000 after purchasing an additional 27,179 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Rigel Pharmaceuticals by 275.2% during the 1st quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company’s stock valued at $3,674,000 after purchasing an additional 99,659 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Rigel Pharmaceuticals during the 1st quarter valued at $2,234,000. Quantinno Capital Management LP grew its position in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock valued at $351,000 after purchasing an additional 576 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Rigel Pharmaceuticals during the 1st quarter valued at $773,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

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).