Burney Co. Buys New Position in Rigel Pharmaceuticals, Inc. $RIGL

Burney Co. purchased a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 91,683 shares of the biotechnology company’s stock, valued at approximately $2,479,000. Burney Co. owned about 0.50% of Rigel Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RIGL. Y Intercept Hong Kong Ltd grew its stake in shares of Rigel Pharmaceuticals by 1.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock worth $779,000 after acquiring an additional 546 shares during the last quarter. Strs Ohio raised its stake in Rigel Pharmaceuticals by 47.4% during the 1st quarter. Strs Ohio now owns 22,700 shares of the biotechnology company’s stock valued at $614,000 after purchasing an additional 7,300 shares during the last quarter. Inspire Investing LLC bought a new stake in Rigel Pharmaceuticals in the 1st quarter valued at $1,728,000. SG Americas Securities LLC boosted its holdings in Rigel Pharmaceuticals by 7.2% in the 1st quarter. SG Americas Securities LLC now owns 13,687 shares of the biotechnology company’s stock valued at $370,000 after purchasing an additional 919 shares during the period. Finally, Hsbc Holdings PLC grew its position in Rigel Pharmaceuticals by 17.8% in the 4th quarter. Hsbc Holdings PLC now owns 12,444 shares of the biotechnology company’s stock worth $537,000 after purchasing an additional 1,882 shares during the last quarter. 66.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total transaction of $87,500.00. Following the completion of the sale, the director directly owned 10,125 shares of the company’s stock, valued at approximately $354,375. The trade was a 19.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 currently owned by insiders.

Rigel Pharmaceuticals Stock Performance

RIGL stock opened at $42.56 on Wednesday. The company has a 50 day moving average price of $31.99 and a 200 day moving average price of $33.38. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $18.24 and a fifty-two week high of $52.24. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. The stock has a market capitalization of $787.36 million, a PE ratio of 2.27 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). The firm had revenue of $58.82 million during the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a net margin of 121.50% and a return on equity of 47.99%. Analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.51 EPS for the current year.

Wall Street Analysts Forecast Growth

RIGL has been the subject of several analyst reports. Wall Street Zen downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Citigroup reaffirmed a “buy” rating and set a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $54.50.

Rigel Pharmaceuticals Company 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).