Burney Co. Invests $2.48 Million in Rigel Pharmaceuticals, Inc. $RIGL

Burney Co. acquired a new position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) during the 1st quarter, Holdings Channel.com reports. The firm acquired 91,683 shares of the biotechnology company’s stock, valued at approximately $2,479,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIGL. IFP Advisors Inc lifted its holdings in shares of Rigel Pharmaceuticals by 21.8% during the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock valued at $97,000 after purchasing an additional 405 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in Rigel Pharmaceuticals by 1.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 28,803 shares of the biotechnology company’s stock worth $779,000 after purchasing an additional 546 shares in the last quarter. Rhumbline Advisers raised its holdings in Rigel Pharmaceuticals by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock worth $507,000 after buying an additional 555 shares during the period. Range Financial Group LLC raised its holdings in Rigel Pharmaceuticals by 1.2% during the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock worth $1,968,000 after buying an additional 561 shares during the period. Finally, Deutsche Bank AG lifted its stake in Rigel Pharmaceuticals by 4.0% in the fourth quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock valued at $628,000 after buying an additional 570 shares in the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Price Performance

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

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The company had revenue of $58.82 million for the quarter, compared to the consensus estimate of $62.40 million. As a group, sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was 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 $354,375. This represents a 19.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 corporate insiders.

Analyst Ratings Changes

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

About Rigel Pharmaceuticals

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).