Jupiter Topco LLC Buys New Shares in Rigel Pharmaceuticals, Inc. $RIGL

Jupiter Topco LLC purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 88,198 shares of the biotechnology company’s stock, valued at approximately $3,450,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RIGL. Hsbc Holdings PLC purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter worth approximately $745,000. Canada Pension Plan Investment Board purchased a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at approximately $735,000. Legal & General Group Plc acquired a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at $162,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth $2,030,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Rigel Pharmaceuticals during the second quarter worth $1,921,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Trading Up 2.9%

RIGL stock opened at $47.50 on Wednesday. The company has a market capitalization of $878.75 million, a P/E ratio of 2.91 and a beta of 1.20. The business has a 50 day simple moving average of $41.17 and a 200-day simple moving average of $34.07. Rigel Pharmaceuticals, Inc. has a twelve month low of $24.95 and a twelve month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The firm had revenue of $78.70 million during the quarter, compared to the consensus estimate of $55.27 million. Research analysts predict that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIGL. HC Wainwright restated a “buy” rating and issued a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 6th. Weiss Ratings lowered shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 25th. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $59.00.

Insider Buying and Selling at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company’s stock.

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).