Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Shares Sold by CM Management LLC

CM Management LLC lowered its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 242,500 shares of the biotechnology company's stock after selling 47,500 shares during the period. Rigel Pharmaceuticals makes up approximately 3.5% of CM Management LLC's investment portfolio, making the stock its 8th largest holding. CM Management LLC owned 1.38% of Rigel Pharmaceuticals worth $4,079,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Rhumbline Advisers grew its position in shares of Rigel Pharmaceuticals by 6.3% in the fourth quarter. Rhumbline Advisers now owns 25,143 shares of the biotechnology company's stock valued at $423,000 after purchasing an additional 1,485 shares during the period. State Street Corp boosted its holdings in Rigel Pharmaceuticals by 0.7% in the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock worth $5,951,000 after buying an additional 2,552 shares during the last quarter. SG Americas Securities LLC increased its stake in Rigel Pharmaceuticals by 42.8% during the 4th quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company's stock worth $159,000 after buying an additional 2,827 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Rigel Pharmaceuticals during the 4th quarter worth approximately $63,000. Finally, Stonepine Capital Management LLC raised its holdings in shares of Rigel Pharmaceuticals by 1.3% during the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company's stock valued at $5,001,000 after acquiring an additional 4,100 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company's stock.

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Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CEO Raul R. Rodriguez sold 4,952 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $103,595.84. Following the completion of the sale, the chief executive officer now directly owns 243,854 shares in the company, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David A. Santos sold 2,125 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $44,455.00. Following the completion of the sale, the executive vice president now directly owns 53,500 shares in the company, valued at $1,119,220. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,113 shares of company stock worth $190,644. Insiders own 9.04% of the company's stock.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock traded up $0.94 on Wednesday, hitting $20.43. 195,506 shares of the stock traded hands, compared to its average volume of 246,272. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82. The firm's 50-day moving average price is $20.33 and its two-hundred day moving average price is $18.67. The stock has a market capitalization of $364.94 million, a PE ratio of 145.94 and a beta of 1.35.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.50. The company had revenue of $57.60 million for the quarter, compared to analyst estimates of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. On average, equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on RIGL shares. Citigroup boosted their price target on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. HC Wainwright reiterated a "buy" rating and issued a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 5th. Cantor Fitzgerald boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. B. Riley upped their price objective on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Finally, Piper Sandler raised their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $36.80.

Rigel Pharmaceuticals Company Profile

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.