Dean L. Schorno Sells 2,036 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the transaction, the chief financial officer now owns 58,969 shares of the company’s stock, valued at approximately $1,233,631.48. The trade was a 3.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL opened at $21.94 on Friday. The company has a 50-day moving average price of $19.85 and a 200-day moving average price of $17.03. The stock has a market capitalization of $386.47 million, a P/E ratio of 156.73 and a beta of 1.34. Rigel Pharmaceuticals, Inc. has a 1 year low of $7.48 and a 1 year high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.69. The company had revenue of $55.31 million for the quarter, compared to analyst estimates of $40.69 million. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. During the same quarter last year, the company earned ($0.30) earnings per share. As a group, equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth $7,148,000. Los Angeles Capital Management LLC boosted its holdings in Rigel Pharmaceuticals by 34.5% during the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock worth $1,205,000 after purchasing an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Rigel Pharmaceuticals by 29.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock worth $1,586,000 after purchasing an additional 22,443 shares in the last quarter. FMR LLC grew its position in Rigel Pharmaceuticals by 119.4% in the 3rd quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock worth $778,000 after purchasing an additional 26,184 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Rigel Pharmaceuticals by 1,199.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock valued at $340,000 after buying an additional 19,391 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler upped their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 22nd. Finally, Citigroup boosted their target price on shares of Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.