28,600 Shares in Rigel Pharmaceuticals, Inc. $RIGL Acquired by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 28,600 shares of the biotechnology company’s stock, valued at approximately $773,000.

A number of other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 1,020 shares during the period. CWM LLC raised its position in shares of 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 acquiring an additional 1,226 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals during the third quarter valued at $62,000. Truvestments Capital LLC boosted its holdings in Rigel Pharmaceuticals by 120.3% in the fourth quarter. Truvestments Capital LLC now owns 2,207 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 1,205 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Rigel Pharmaceuticals by 21.8% in the fourth quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock worth $97,000 after purchasing an additional 405 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Citigroup reiterated a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Finally, HC Wainwright reissued a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Trading Down 2.6%

NASDAQ RIGL opened at $38.06 on Friday. The stock has a 50-day simple moving average of $35.76 and a 200 day simple moving average of $32.98. The company has a market capitalization of $704.19 million, a PE ratio of 2.03 and a beta of 1.14. 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 12 month low of $20.28 and a 12 month high of $52.24.

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

Insider Activity at Rigel Pharmaceuticals

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company’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 completion of the sale, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. This represents a 19.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 company insiders.

Rigel Pharmaceuticals 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).