David A. Santos Sells 2,125 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $44,455.00. Following the transaction, the executive vice president now owns 53,500 shares in the company, valued at $1,119,220. This represents a 3.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Rigel Pharmaceuticals Trading Down 10.0 %

RIGL stock opened at $21.94 on Friday. The firm has a market cap of $386.47 million, a PE ratio of 156.73 and a beta of 1.34. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82. The company has a fifty day simple moving average of $19.85 and a 200 day simple moving average of $17.03.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.69. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The firm had revenue of $55.31 million during the quarter, compared to analyst estimates of $40.69 million. During the same period in the previous year, the company earned ($0.30) EPS. As a group, analysts forecast that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RIGL. Citigroup lifted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler upped their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. B. Riley lifted their target price on shares of Rigel Pharmaceuticals from $17.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd. Finally, Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Institutional Trading of Rigel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC grew its stake in Rigel Pharmaceuticals by 15.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,001 shares of the biotechnology company’s stock valued at $1,447,000 after buying an additional 11,499 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Rigel Pharmaceuticals by 10.3% in the fourth quarter. Bank of New York Mellon Corp now owns 50,195 shares of the biotechnology company’s stock valued at $844,000 after purchasing an additional 4,672 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Rigel Pharmaceuticals by 6.3% in the fourth quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company’s stock worth $423,000 after purchasing an additional 1,485 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in shares of Rigel Pharmaceuticals during the 4th quarter worth about $63,000. Finally, SG Americas Securities LLC boosted its stake in Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 2,827 shares during the period. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.