Short Interest in Rigel Pharmaceuticals, Inc. (RIGL) Expands By 26.5%
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 8,879,012 shares, an increase of 26.5% from the November 15th total of 7,018,574 shares. Approximately 6.3% of the shares of the stock are short sold. Based on an average trading volume of 1,119,131 shares, the short-interest ratio is presently 7.9 days.
In other Rigel Pharmaceuticals news, CFO Ryan D. Maynard sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $390,000.00. Following the sale, the chief financial officer now owns 100,000 shares of the company’s stock, valued at approximately $390,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.21% of the company’s stock.
Several hedge funds have recently modified their holdings of RIGL. Vanguard Group Inc. lifted its stake in shares of Rigel Pharmaceuticals by 6.1% in the 2nd quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock valued at $16,489,000 after purchasing an additional 348,755 shares during the period. State Street Corp lifted its stake in shares of Rigel Pharmaceuticals by 4.3% in the 2nd quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock valued at $5,974,000 after purchasing an additional 90,640 shares during the period. Marshall Wace North America L.P. lifted its stake in shares of Rigel Pharmaceuticals by 0.5% in the 2nd quarter. Marshall Wace North America L.P. now owns 1,988,193 shares of the biotechnology company’s stock valued at $5,965,000 after purchasing an additional 9,867 shares during the period. Northern Trust Corp lifted its stake in shares of Rigel Pharmaceuticals by 7.8% in the 2nd quarter. Northern Trust Corp now owns 1,467,524 shares of the biotechnology company’s stock valued at $4,006,000 after purchasing an additional 106,148 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Rigel Pharmaceuticals by 0.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,461,550 shares of the biotechnology company’s stock valued at $3,990,000 after purchasing an additional 11,836 shares during the period. Hedge funds and other institutional investors own 74.51% of the company’s stock.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. The firm had revenue of $0.90 million for the quarter. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. Rigel Pharmaceuticals’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.24) earnings per share. equities analysts predict that Rigel Pharmaceuticals will post -0.56 EPS for the current fiscal year.
Several equities analysts have recently commented on RIGL shares. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 price objective on the stock in a research report on Saturday, November 11th. ValuEngine lowered Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 6th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Rigel Pharmaceuticals in a research report on Monday, November 6th. Jefferies Group restated a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 5th. Finally, BMO Capital Markets restated a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $5.31.
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About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.
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