OMERS ADMINISTRATION Corp Invests $2.03 Million in Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• OMERS Administration Corp. purchased 51,900 Rigel Pharmaceuticals shares worth approximately $2.03 million, giving it a 0.28% stake. Institutional investors collectively own 66.23% of the company.
• Rigel reported quarterly earnings of $0.88 per share, substantially exceeding the $0.09 analyst estimate, while revenue of $78.7 million also topped expectations. The stock opened at $46.48, below its 52-week high of $52.24.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the consensus rating is Hold with a $59 average price target. A company director sold 2,500 shares to cover tax withholding obligations.

OMERS ADMINISTRATION Corp bought a new stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 51,900 shares of the biotechnology company's stock, valued at approximately $2,030,000. OMERS ADMINISTRATION Corp owned 0.28% of Rigel Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in RIGL. Northwestern Mutual Wealth Management Co. raised its holdings in Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company's stock worth $55,000 after purchasing an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $62,000. Wexford Capital LP bought a new stake in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $66,000. CWM LLC grew its position in shares of Rigel Pharmaceuticals by 217.0% in the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company's stock worth $77,000 after buying an additional 1,226 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company's stock worth $81,000 after buying an additional 2,442 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Rigel Pharmaceuticals

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company's 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 transaction, the director directly owned 10,125 shares of the company's stock, valued at $354,375. This represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by corporate insiders.

Rigel Pharmaceuticals Stock Down 0.6%

NASDAQ:RIGL opened at $46.48 on Thursday. The company's 50 day moving average price is $40.17 and its 200-day moving average price is $33.72. Rigel Pharmaceuticals, Inc. has a 52 week low of $24.95 and a 52 week high of $52.24. The stock has a market cap of $859.88 million, a price-to-earnings ratio of 2.85 and a beta of 1.16.

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 for the quarter, topping analysts' consensus estimates 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 net margin of 116.30% and a return on equity of 22.95%. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Rigel Pharmaceuticals 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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