Wakefield Asset Management LLLP Acquires New Position in Rigel Pharmaceuticals, Inc. $RIGL

Wakefield Asset Management LLLP acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 25,651 shares of the biotechnology company’s stock, valued at approximately $1,099,000.

Other institutional investors have also modified their holdings of the company. AlphaQuest LLC grew its position in shares of Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares during the last quarter. IFP Advisors Inc bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $55,000. CWM LLC grew its position in shares of Rigel Pharmaceuticals by 217.0% during the 4th 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 during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $62,000. Finally, Wexford Capital LP bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $66,000. Institutional investors own 66.23% of the company’s stock.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Walter H. Moos sold 4,000 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $36.36, for a total value of $145,440.00. Following the completion of the transaction, the director owned 12,722 shares in the company, valued at approximately $462,571.92. This represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.47% of the company’s stock.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $29.01 on Friday. Rigel Pharmaceuticals, Inc. has a 52 week low of $18.14 and a 52 week high of $52.24. 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 stock has a market cap of $536.69 million, a price-to-earnings ratio of 1.55 and a beta of 1.21. The company has a 50-day moving average price of $28.52 and a two-hundred day moving average price of $35.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.76 EPS for the current year.

Analysts Set New Price Targets

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

Rigel Pharmaceuticals Company 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).