Man Group plc Invests $814,000 in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Man Group plc purchased approximately $814,000 worth of Rigel Pharmaceuticals shares during the second quarter, gaining a 0.11% stake. Institutional investors collectively own 66.23% of RIGL.
• Analyst sentiment is mixed: the stock has an average rating of “Hold” and a consensus price target of $59, with target increases from Piper Sandler and HC Wainwright offset by downgrades from other firms.
• Rigel reported quarterly EPS of $0.88, well above the $0.09 consensus estimate, while revenue of $78.7 million also exceeded expectations. The stock recently traded at $48.50, near its 52-week high of $52.24.

Man Group plc purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,796 shares of the biotechnology company's stock, valued at approximately $814,000. Man Group plc owned 0.11% of Rigel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in RIGL. Northwestern Mutual Wealth Management Co. lifted its position in Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company's stock worth $55,000 after buying an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $62,000. Wexford Capital LP purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth $66,000. CWM LLC boosted its position in Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company's stock valued at $77,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 2,442 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total value of $87,500.00. Following the transaction, the director owned 10,125 shares of the company's stock, valued at $354,375. This trade represents a 19.80% decrease in their ownership of the stock. 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 Price Performance

NASDAQ RIGL opened at $48.50 on Friday. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $52.24. The stock's 50-day moving average is $41.66 and its two-hundred day moving average is $34.27. The firm has a market cap of $897.25 million, a P/E ratio of 2.97 and a beta of 1.20.

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

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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