Hennion & Walsh Asset Management Inc. Makes New Investment in Rigel Pharmaceuticals, Inc. $RIGL

Hennion & Walsh Asset Management Inc. bought a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 52,189 shares of the biotechnology company’s stock, valued at approximately $2,235,000. Hennion & Walsh Asset Management Inc. owned approximately 0.29% of Rigel Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. AlphaQuest LLC boosted its position in shares of Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 775 shares during the last quarter. IFP Advisors Inc purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at about $55,000. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals during the third quarter worth about $62,000. Wexford Capital LP acquired a new stake in Rigel Pharmaceuticals during the third quarter worth about $66,000. Finally, Quarry LP purchased a new position in Rigel Pharmaceuticals during the third quarter worth about $96,000. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Stock Up 1.7%

Shares of RIGL opened at $27.50 on Thursday. The company’s 50-day moving average price is $31.73 and its 200 day moving average price is $35.59. Rigel Pharmaceuticals, Inc. has a 12-month low of $15.50 and a 12-month high of $52.24. The company has a current ratio of 2.42, a quick ratio of 2.30 and a debt-to-equity ratio of 0.06. The firm has a market cap of $508.01 million, a P/E ratio of 1.45 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, March 3rd. The biotechnology company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.19). Rigel Pharmaceuticals had a return on equity of 79.84% and a net margin of 124.72%.The company had revenue of $69.80 million for the quarter, compared to analysts’ expectations of $68.70 million. On average, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $36.36, for a total transaction of $145,440.00. Following the completion of the transaction, the director owned 12,722 shares of the company’s stock, valued at approximately $462,571.92. This trade represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RIGL. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, January 14th. Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.67.

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).