Empire Financial Management Company LLC Trims Stake in Rigel Pharmaceuticals, Inc. $RIGL

Empire Financial Management Company LLC reduced its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 40.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,445 shares of the biotechnology company’s stock after selling 31,000 shares during the quarter. Empire Financial Management Company LLC’s holdings in Rigel Pharmaceuticals were worth $1,229,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RIGL. Empowered Funds LLC purchased a new position in Rigel Pharmaceuticals during the first quarter valued at $2,234,000. Quantinno Capital Management LP increased its position in Rigel Pharmaceuticals by 4.6% in the first quarter. Quantinno Capital Management LP now owns 12,967 shares of the biotechnology company’s stock worth $351,000 after buying an additional 576 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Rigel Pharmaceuticals in the first quarter worth about $773,000. Entropy Technologies LP bought a new position in shares of Rigel Pharmaceuticals in the first quarter worth about $251,000. Finally, Pale Fire Capital SE bought a new position in shares of Rigel Pharmaceuticals in the first quarter worth about $385,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $354,375. This represents a 19.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RIGL shares. Zacks Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Friday, July 17th. Citigroup reaffirmed 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $38.50 on Wednesday. The business has a 50-day moving average price of $35.38 and a 200-day moving average price of $33.03. The firm has a market cap of $712.25 million, a price-to-earnings ratio of 2.06 and a beta of 1.14. Rigel Pharmaceuticals, Inc. has a twelve month low of $19.51 and a twelve month high of $52.24. The company has a quick ratio of 2.48, a current ratio of 2.62 and a debt-to-equity ratio of 0.04.

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

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).