Short Interest in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Drops By 10.2%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 16,038,929 shares, a decrease of 10.2% from the August 15th total of 17,868,240 shares. Approximately 9.9% of the company’s stock are sold short. Based on an average daily volume of 3,001,477 shares, the days-to-cover ratio is currently 5.3 days.

In other news, EVP Anne-Marie Duliege sold 16,500 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $3.51, for a total transaction of $57,915.00. Following the completion of the transaction, the executive vice president now directly owns 16,500 shares of the company’s stock, valued at approximately $57,915. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Raul R. Rodriguez acquired 114,000 shares of the stock in a transaction dated Friday, August 17th. The shares were acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 314,000 shares of company stock worth $907,820. 5.38% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of RIGL. FMR LLC raised its stake in shares of Rigel Pharmaceuticals by 11.1% during the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock worth $69,440,000 after buying an additional 2,448,925 shares in the last quarter. BlackRock Inc. raised its stake in shares of Rigel Pharmaceuticals by 20.9% during the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock worth $37,901,000 after buying an additional 2,312,498 shares in the last quarter. Palo Alto Investors LP raised its stake in shares of Rigel Pharmaceuticals by 0.8% during the 1st quarter. Palo Alto Investors LP now owns 3,966,087 shares of the biotechnology company’s stock worth $14,040,000 after buying an additional 30,503 shares in the last quarter. Rock Springs Capital Management LP raised its stake in shares of Rigel Pharmaceuticals by 4.0% during the 1st quarter. Rock Springs Capital Management LP now owns 2,575,000 shares of the biotechnology company’s stock worth $9,116,000 after buying an additional 100,000 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Rigel Pharmaceuticals by 47.7% during the 1st quarter. JPMorgan Chase & Co. now owns 2,021,618 shares of the biotechnology company’s stock worth $7,157,000 after buying an additional 652,856 shares in the last quarter. 94.23% of the stock is owned by institutional investors.

RIGL has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued a “buy” rating and issued a $9.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 4th. Citigroup initiated coverage on Rigel Pharmaceuticals in a research report on Monday, August 27th. They issued a “buy” rating and a $8.50 target price for the company. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Rigel Pharmaceuticals in a research report on Thursday, August 9th. Finally, BidaskClub cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $7.59.

Rigel Pharmaceuticals stock traded down $0.12 during mid-day trading on Monday, reaching $3.24. 2,908,900 shares of the company were exchanged, compared to its average volume of 2,514,920. Rigel Pharmaceuticals has a twelve month low of $2.56 and a twelve month high of $4.71. The stock has a market capitalization of $534.28 million, a price-to-earnings ratio of -5.19 and a beta of 1.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.16). The company had revenue of $1.79 million for the quarter, compared to analyst estimates of $0.30 million. As a group, equities analysts predict that Rigel Pharmaceuticals will post -0.65 EPS for the current year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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