Globeflex Capital L P Takes Position in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Globeflex Capital initiated a position in Rigel Pharmaceuticals during the second quarter, purchasing 112,672 shares worth approximately $4.4 million. Institutional investors and hedge funds collectively own 66.23% of RIGL.
• Rigel reported quarterly earnings of $0.88 per share, far exceeding the $0.09 consensus estimate, while revenue of $78.7 million also surpassed expectations.
• Analyst sentiment is moderately bullish: four analysts rate the stock a Buy and three rate it Hold, with an average price target of $59 versus a recent price of $45.89.

Globeflex Capital L P purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 112,672 shares of the biotechnology company's stock, valued at approximately $4,408,000. Globeflex Capital L P owned about 0.61% of Rigel Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC purchased a new position in Rigel Pharmaceuticals in the 1st quarter worth approximately $2,234,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Rigel Pharmaceuticals in the fourth quarter valued at approximately $2,364,000. Dimensional Fund Advisors LP grew its position in shares of Rigel Pharmaceuticals by 37.1% in the first quarter. Dimensional Fund Advisors LP now owns 379,541 shares of the biotechnology company's stock valued at $10,259,000 after purchasing an additional 102,729 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of Rigel Pharmaceuticals in the fourth quarter valued at approximately $2,249,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Rigel Pharmaceuticals by 275.2% in the first quarter. Janus Henderson Group PLC now owns 135,877 shares of the biotechnology company's stock valued at $3,674,000 after purchasing an additional 99,659 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rigel Pharmaceuticals

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, 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.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $45.89 on Monday. Rigel Pharmaceuticals, Inc. has a one year low of $24.95 and a one year high of $52.24. The firm has a market cap of $848.97 million, a PE ratio of 2.81 and a beta of 1.16. The firm's 50 day moving average price is $39.39 and its 200-day moving average price is $33.48.

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. HC Wainwright reiterated a "buy" rating and set a $85.00 price objective (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Zacks Research raised Rigel Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Monday, August 17th. Citigroup reiterated a "buy" rating on shares of Rigel Pharmaceuticals in a report on Thursday, August 6th. Piper Sandler reiterated a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a report on Monday, August 17th. Finally, Weiss Ratings raised shares of Rigel Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Rigel Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $59.00.

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).

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