Insider Selling: Rigel Pharmaceuticals (NASDAQ:RIGL) Director Sells $87,500.00 in Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director owned 10,125 shares of the company’s stock, valued at $354,375. This trade represents a 19.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kamil Ali-Jackson also recently made the following trade(s):

• On Tuesday, May 26th, Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock. The stock was sold at an average price of $29.17, for a total transaction of $72,925.00.

Rigel Pharmaceuticals Stock Up 2.6%

Shares of Rigel Pharmaceuticals stock traded up $0.94 during trading hours on Wednesday, reaching $36.55. The company’s stock had a trading volume of 274,462 shares, compared to its average volume of 381,462. The company has a market capitalization of $676.17 million, a P/E ratio of 1.95 and a beta of 1.20. The stock’s fifty day simple moving average is $30.49 and its two-hundred day simple moving average is $33.68. Rigel Pharmaceuticals, Inc. has a one year low of $18.14 and a one year high of $52.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.48 and a current ratio of 2.62.

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 business had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. On average, research analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on RIGL. Citigroup reissued a “buy” rating and set a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Wall Street Zen cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday, June 2nd. Finally, Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.50.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. IFP Advisors Inc purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $55,000. Northwestern Mutual Wealth Management Co. boosted its position in Rigel Pharmaceuticals by 400.0% in the fourth 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 during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Rigel Pharmaceuticals in the 3rd quarter valued at $62,000. Wexford Capital LP purchased a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $66,000. Finally, CWM LLC increased 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 purchasing an additional 1,226 shares during the last quarter. 66.23% of the stock is owned by institutional investors.

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).