Hennion & Walsh Asset Management Inc. Buys 21,602 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Hennion & Walsh Asset Management Inc. grew its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 32.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,844 shares of the biotechnology company’s stock after acquiring an additional 21,602 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Rigel Pharmaceuticals were worth $3,436,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Rigel Pharmaceuticals by 96.9% during the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock valued at $46,737,000 after purchasing an additional 536,905 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Rigel Pharmaceuticals by 390.8% during the 4th quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after buying an additional 433,382 shares during the period. Millennium Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 309.7% during the 4th quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company’s stock valued at $18,479,000 after buying an additional 326,159 shares during the period. Marshall Wace LLP boosted its stake in shares of Rigel Pharmaceuticals by 63.0% in the 3rd quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock worth $17,036,000 after buying an additional 232,383 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Rigel Pharmaceuticals by 110.6% in the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock worth $10,226,000 after acquiring an additional 189,542 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RIGL has been the topic of several recent research reports. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday. Zacks Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Finally, Weiss Ratings raised Rigel Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $54.50.

Insider Buying and Selling

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s 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 transaction, the director directly owned 10,125 shares in the company, valued at $354,375. The trade was a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is currently owned by corporate insiders.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL opened at $41.66 on Tuesday. The stock has a market cap of $770.71 million, a PE ratio of 2.55 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a 1 year low of $24.95 and a 1 year high of $52.24. The firm has a fifty day moving average price of $37.11 and a 200-day moving average price of $33.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its 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. The company had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. On average, research analysts expect that Rigel Pharmaceuticals, Inc. will post 2.88 EPS for the current year.

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).