Pale Fire Capital SE Invests $385,000 in Rigel Pharmaceuticals, Inc. $RIGL

Pale Fire Capital SE acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, Holdings Channel.com reports. The firm acquired 14,252 shares of the biotechnology company’s stock, valued at approximately $385,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its stake in Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 1,020 shares in the last quarter. IFP Advisors Inc bought a new position in Rigel Pharmaceuticals in the third quarter valued at approximately $55,000. CWM LLC boosted its holdings 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 during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $62,000. Finally, Truvestments Capital LLC increased its position in shares of Rigel Pharmaceuticals by 120.3% during the fourth quarter. Truvestments Capital LLC now owns 2,207 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 1,205 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on RIGL. Citigroup reaffirmed a “buy” rating and issued a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Finally, Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $54.50.

Insider Activity

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 sale, the director owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 Stock Down 0.2%

Rigel Pharmaceuticals stock opened at $36.74 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. Rigel Pharmaceuticals, Inc. has a 1-year low of $19.51 and a 1-year high of $52.24. The company has a fifty day simple moving average of $35.00 and a 200 day simple moving average of $33.19. The company has a market cap of $679.76 million, a P/E ratio of 1.96 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly 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 business had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. Research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

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).