Man Group plc Invests $814,000 in Rigel Pharmaceuticals, Inc. $RIGL

Man Group plc acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 2nd quarter, Holdings Channel reports. The fund acquired 20,796 shares of the biotechnology company’s stock, valued at approximately $814,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new position in Rigel Pharmaceuticals during the 1st quarter valued at $2,234,000. Dimensional Fund Advisors LP lifted its stake in Rigel Pharmaceuticals by 37.1% during the first quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company’s stock worth $10,259,000 after purchasing an additional 102,729 shares during the period. Jupiter Topco LLC acquired a new stake in Rigel Pharmaceuticals during the second quarter valued at approximately $3,450,000. Janus Henderson Group PLC boosted its holdings in Rigel Pharmaceuticals by 275.2% during the first 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. Finally, Pacer Advisors Inc. grew its stake in shares of Rigel Pharmaceuticals by 74.6% in the 1st quarter. Pacer Advisors Inc. now owns 114,386 shares of the biotechnology company’s stock valued at $3,093,000 after purchasing an additional 48,882 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Rigel Pharmaceuticals Price Performance

Shares of RIGL opened at $48.50 on Friday. The company has a market capitalization of $897.25 million, a P/E ratio of 2.97 and a beta of 1.20. Rigel Pharmaceuticals, Inc. has a one year low of $24.95 and a one year high of $52.24. The business’s 50 day simple moving average is $41.66 and its 200-day simple moving average is $34.27.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.79. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%.The firm had revenue of $78.70 million during the quarter, compared to analysts’ expectations of $55.27 million. On average, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

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).