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

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Get Free Report) CFO Dean L. Schorno sold 2,036 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the sale, the chief financial officer now owns 58,969 shares of the company's stock, valued at approximately $1,233,631.48. This represents a 3.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rigel Pharmaceuticals Price Performance

Shares of RIGL traded down $0.48 during mid-day trading on Monday, hitting $21.46. The stock had a trading volume of 217,760 shares, compared to its average volume of 263,452. Rigel Pharmaceuticals, Inc. has a 52 week low of $7.48 and a 52 week high of $29.82. The business has a fifty day moving average price of $19.85 and a 200-day moving average price of $17.12. The firm has a market cap of $377.91 million, a P/E ratio of 153.30 and a beta of 1.34.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.69. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. The firm had revenue of $55.31 million for the quarter, compared to the consensus estimate of $40.69 million. During the same period in the prior year, the firm posted ($0.30) earnings per share. As a group, research analysts expect that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RIGL. Assenagon Asset Management S.A. bought a new position in Rigel Pharmaceuticals during the third quarter valued at approximately $7,148,000. Geode Capital Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company's stock valued at $6,468,000 after purchasing an additional 8,881 shares during the period. State Street Corp grew its holdings in Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company's stock worth $5,951,000 after purchasing an additional 2,552 shares during the period. Stonepine Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 1.3% in the third quarter. Stonepine Capital Management LLC now owns 309,100 shares of the biotechnology company's stock worth $5,001,000 after acquiring an additional 4,100 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Rigel Pharmaceuticals by 42.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 139,128 shares of the biotechnology company's stock valued at $2,340,000 after buying an additional 41,122 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company's stock.

Wall Street Analyst Weigh In

RIGL has been the subject of several analyst reports. HC Wainwright reiterated a "buy" rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, January 22nd. Citigroup increased their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. B. Riley boosted their price objective on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. StockNews.com raised Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research report on Friday, October 18th. Finally, Piper Sandler boosted their price target on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.