Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CEO Raul R. Rodriguez Sells 4,952 Shares of Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CEO Raul R. Rodriguez sold 4,952 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the transaction, the chief executive officer now owns 243,854 shares in the company, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rigel Pharmaceuticals Stock Up 6.8 %

Shares of NASDAQ RIGL opened at $24.39 on Friday. The firm has a market cap of $429.51 million, a price-to-earnings ratio of 174.23 and a beta of 1.34. Rigel Pharmaceuticals, Inc. has a 52-week low of $7.48 and a 52-week high of $29.82. The business’s 50 day moving average is $19.96 and its two-hundred day moving average is $16.95.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.69. The company had revenue of $55.31 million for the quarter, compared to analyst estimates of $40.69 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. During the same quarter in the previous year, the company earned ($0.30) earnings per share. Analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC increased its position in shares of Rigel Pharmaceuticals by 15.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company’s stock worth $1,447,000 after acquiring an additional 11,499 shares during the period. Bank of New York Mellon Corp increased its position in shares of Rigel Pharmaceuticals by 10.3% during the fourth quarter. Bank of New York Mellon Corp now owns 50,195 shares of the biotechnology company’s stock worth $844,000 after acquiring an additional 4,672 shares during the period. Rhumbline Advisers increased its position in shares of Rigel Pharmaceuticals by 6.3% during the fourth quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company’s stock worth $423,000 after acquiring an additional 1,485 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth $63,000. Finally, SG Americas Securities LLC increased its position in shares of Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 2,827 shares during the period. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RIGL. HC Wainwright restated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. B. Riley upped their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Citigroup upped their price objective on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Finally, Piper Sandler upped their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.20.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.