Insider Selling: Rigel Pharmaceuticals (NASDAQ:RIGL) Director Sells 2,500 Shares of Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $29.17, for a total value of $72,925.00. Following the sale, the director directly owned 12,625 shares in the company, valued at approximately $368,271.25. This represents a 16.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Rigel Pharmaceuticals Price Performance

NASDAQ:RIGL traded up $0.57 on Thursday, reaching $30.05. 299,192 shares of the company’s stock traded hands, compared to its average volume of 384,683. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04. The stock has a 50-day simple moving average of $28.72 and a 200-day simple moving average of $35.35. The firm has a market cap of $555.93 million, a PE ratio of 1.61 and a beta of 1.21. Rigel Pharmaceuticals, Inc. has a 12 month low of $18.14 and a 12 month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The business had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. Equities research analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. AlphaQuest LLC boosted its position in shares of Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares during the period. IFP Advisors Inc purchased a new position in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $55,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 buying an additional 1,020 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $62,000. Finally, Wexford Capital LP purchased a new position in shares of Rigel Pharmaceuticals during the third quarter valued at approximately $66,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RIGL shares. Citigroup reissued a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Zacks Research cut Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Finally, Wall Street Zen cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.50.

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).