OMERS ADMINISTRATION Corp Takes $2.03 Million Position in Rigel Pharmaceuticals, Inc. $RIGL

OMERS ADMINISTRATION Corp acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,900 shares of the biotechnology company’s stock, valued at approximately $2,030,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in Rigel Pharmaceuticals by 400.0% in the 4th 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 period. Caitong International Asset Management Co. Ltd bought a new position in shares of Rigel Pharmaceuticals during the 3rd quarter valued at $62,000. Wexford Capital LP purchased a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth $66,000. CWM LLC boosted its stake in shares of Rigel Pharmaceuticals by 217.0% in the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock worth $77,000 after buying an additional 1,226 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after acquiring an additional 2,442 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $46.48 on Thursday. The stock has a 50-day simple moving average of $40.17 and a two-hundred day simple moving average of $33.72. The firm has a market capitalization of $859.88 million, a PE ratio of 2.85 and a beta of 1.16. Rigel Pharmaceuticals, Inc. has a 52-week low of $24.95 and a 52-week high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.79. The firm had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. Equities analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on RIGL. Piper Sandler reissued a “neutral” rating and issued a $49.00 target price (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Weiss Ratings cut shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. Finally, Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $59.00.

Insider Buying and Selling

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $35.00, for a total transaction of $87,500.00. Following the sale, the director owned 10,125 shares in the company, valued at approximately $354,375. This trade represents a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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).