Empowered Funds LLC Takes Position in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Empowered Funds LLC acquired 79,184 shares of Rigel Pharmaceuticals during the second quarter, valued at approximately $3.1 million and representing about 0.43% of the company. Institutional investors collectively own 66.23% of RIGL.
• Rigel reported quarterly revenue of $78.7 million and adjusted earnings of $0.88 per share, substantially exceeding analyst expectations of $55.27 million in revenue and $0.09 EPS.
• RIGL shares opened at $47.50, while analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $59, despite some analysts maintaining “Buy” ratings and raising targets.

Empowered Funds LLC acquired a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 79,184 shares of the biotechnology company's stock, valued at approximately $3,098,000. Empowered Funds LLC owned about 0.43% of Rigel Pharmaceuticals at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake in Rigel Pharmaceuticals by 400.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company's stock valued at $55,000 after purchasing an additional 1,020 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter worth $62,000. Wexford Capital LP acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter worth $66,000. CWM LLC increased its holdings in shares of Rigel Pharmaceuticals by 217.0% during the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company's stock worth $77,000 after purchasing an additional 1,226 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Rigel Pharmaceuticals by 130.7% during the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 2,442 shares during the period. Institutional investors own 66.23% of the company's stock.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the transaction, the director owned 10,125 shares in the company, valued at $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Rigel Pharmaceuticals Price Performance

RIGL opened at $47.50 on Wednesday. The company has a market capitalization of $878.75 million, a P/E ratio of 2.91 and a beta of 1.20. The firm's fifty day moving average price is $41.17 and its two-hundred day moving average price is $34.07. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. The company had revenue of $78.70 million during the quarter, compared to analysts' expectations of $55.27 million. On average, equities research analysts expect that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RIGL has been the subject of a number of research analyst reports. Citigroup reaffirmed a "buy" rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Zacks Research upgraded Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Monday, August 17th. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a report on Friday, August 14th. Weiss Ratings cut Rigel Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $59.00.

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).

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