Renaissance Technologies LLC Sells 200,568 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Renaissance Technologies cut its Rigel Pharmaceuticals stake by 37.2%, selling 200,568 shares in the first quarter and retaining 338,441 shares worth approximately $9.15 million. Institutional investors collectively own 66.23% of the company.
• Rigel reported quarterly revenue of $58.82 million and earnings of $0.44 per share, missing analyst expectations of $62.40 million in revenue and $0.80 EPS.
• Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $54.50 versus the stock’s reported price of $36.81; price targets range from $57 to $81 among bullish analysts.

Renaissance Technologies LLC reduced its stake in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 37.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 338,441 shares of the biotechnology company's stock after selling 200,568 shares during the quarter. Renaissance Technologies LLC owned about 1.83% of Rigel Pharmaceuticals worth $9,151,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its stake in shares of 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 valued at $55,000 after acquiring an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter worth about $62,000. Wexford Capital LP acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter worth about $66,000. CWM LLC boosted its holdings in Rigel Pharmaceuticals by 217.0% in the 4th 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 period. Finally, Legal & General Group Plc boosted its holdings in Rigel Pharmaceuticals by 130.7% in the 2nd 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 during the period. Institutional investors own 66.23% of the company's stock.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL opened at $36.81 on Monday. The stock has a 50-day moving average price of $35.92 and a two-hundred day moving average price of $32.95. The company has a market cap of $681.06 million, a price-to-earnings ratio of 1.97 and a beta of 1.14. Rigel Pharmaceuticals, Inc. has a 12 month low of $20.28 and a 12 month high of $52.24. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. The company had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. As a group, analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. Citigroup reiterated a "buy" rating and issued a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. HC Wainwright reissued a "buy" rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, June 2nd. Finally, Zacks Research lowered Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $54.50.

Insider Activity

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 value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company's stock.

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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