63,891 Shares in Rigel Pharmaceuticals, Inc. $RIGL Purchased by Inspire Investing LLC

Inspire Investing LLC purchased a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, HoldingsChannel reports. The firm purchased 63,891 shares of the biotechnology company’s stock, valued at approximately $1,728,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. IFP Advisors Inc bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at about $55,000. Northwestern Mutual Wealth Management Co. lifted its stake in Rigel Pharmaceuticals by 400.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals during the third quarter valued at approximately $62,000. Wexford Capital LP bought a new stake in Rigel Pharmaceuticals during the third quarter worth approximately $66,000. Finally, CWM LLC boosted its holdings in Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after buying an additional 1,226 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Rigel Pharmaceuticals news, 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 directly owned 10,125 shares of the company’s stock, valued at $354,375. The trade was a 19.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $39.12 on Wednesday. The firm’s 50 day simple moving average is $31.14 and its 200-day simple moving average is $33.45. The company has a market cap of $723.72 million, a P/E ratio of 2.09 and a beta of 1.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $18.24 and a fifty-two week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The firm had revenue of $58.82 million for the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. As a group, equities research analysts predict that Rigel Pharmaceuticals, Inc. will post 3.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RIGL. Wall Street Zen lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Tuesday, April 21st. Citigroup restated a “buy” rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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).