Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CFO Sells $42,593.12 in Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $42,593.12. Following the transaction, the chief financial officer now owns 58,969 shares in the company, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rigel Pharmaceuticals Price Performance

Shares of RIGL opened at $24.39 on Friday. The company has a market capitalization of $429.51 million, a P/E ratio of 174.23 and a beta of 1.34. Rigel Pharmaceuticals, Inc. has a one year low of $7.48 and a one year high of $29.82. The business’s 50 day simple moving average is $19.96 and its 200-day simple moving average is $16.95.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 EPS 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 business had revenue of $55.31 million for the quarter, compared to the consensus estimate of $40.69 million. During the same period in the previous year, the business earned ($0.30) EPS. On average, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RIGL. China Universal Asset Management Co. Ltd. bought a new position in Rigel Pharmaceuticals in the 4th quarter worth approximately $63,000. SG Americas Securities LLC raised its position in Rigel Pharmaceuticals by 42.8% in the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 2,827 shares during the last quarter. Franklin Resources Inc. bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $193,000. Empire Financial Management Company LLC bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $231,000. Finally, PDT Partners LLC bought a new position in Rigel Pharmaceuticals in the 3rd quarter worth approximately $322,000. Institutional investors own 66.23% of the company’s stock.

Wall Street Analyst Weigh In

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

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.