Squarepoint Ops LLC Acquires 38,550 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Key Points

• Squarepoint Ops LLC increased its Rigel Pharmaceuticals stake by 137.1% in the second quarter, acquiring 38,550 shares and bringing its total holdings to 66,658 shares valued at approximately $2.6 million.
• Analysts maintain a generally positive outlook, with Rigel receiving a consensus “Moderate Buy” rating and an average price target of $59.00; HC Wainwright raised its target to $85.00.
• Rigel reported strong quarterly results, posting $0.88 EPS versus the $0.09 estimate and revenue of $78.7 million, well above expectations of $55.27 million.

Squarepoint Ops LLC boosted its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 137.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 66,658 shares of the biotechnology company's stock after buying an additional 38,550 shares during the quarter. Squarepoint Ops LLC owned 0.36% of Rigel Pharmaceuticals worth $2,608,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted 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 during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Rigel Pharmaceuticals during the third quarter valued at $62,000. Wexford Capital LP bought a new position in Rigel Pharmaceuticals in the third quarter valued at about $66,000. Legal & General Group Plc boosted its position 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 worth $81,000 after purchasing an additional 2,442 shares during the last quarter. Finally, Truvestments Capital LLC grew its stake in shares of Rigel Pharmaceuticals by 120.3% during the 4th quarter. Truvestments Capital LLC now owns 2,207 shares of the biotechnology company's stock valued at $95,000 after purchasing an additional 1,205 shares during the period. 66.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction dated 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 owned 10,125 shares in the company, valued at approximately $354,375. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.47% of the company's stock.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $47.24 on Monday. The company has a market capitalization of $873.94 million, a PE ratio of 2.89 and a beta of 1.20. Rigel Pharmaceuticals, Inc. has a one year low of $24.95 and a one year high of $52.24. The company's fifty day moving average price is $42.74 and its 200-day moving average price is $34.80.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its 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 firm had revenue of $78.70 million for the quarter, compared to analysts' expectations of $55.27 million. On average, research analysts predict that Rigel Pharmaceuticals, Inc. will post 2.98 EPS for the current fiscal year.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for immune and hematologic disorders. The company was founded in 1996 and is headquartered in South San Francisco, California. Its research programs have historically centered on signaling pathways involved in inflammation, autoimmune disease and cancer.

Rigel's principal commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for the treatment of adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.

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