OMERS ADMINISTRATION Corp Purchases Shares of 28,600 Rigel Pharmaceuticals, Inc. $RIGL

OMERS ADMINISTRATION Corp acquired a new position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 28,600 shares of the biotechnology company’s stock, valued at approximately $773,000. OMERS ADMINISTRATION Corp owned 0.15% of Rigel Pharmaceuticals at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Rigel Pharmaceuticals during the third quarter worth $62,000. Wexford Capital LP acquired a new stake in Rigel Pharmaceuticals during the third quarter worth $66,000. CWM LLC increased its holdings in Rigel Pharmaceuticals by 217.0% in the 4th quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 1,226 shares during the period. Finally, Legal & General Group Plc increased its holdings in Rigel Pharmaceuticals by 130.7% in the 2nd quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

Insider Buying and Selling at Rigel Pharmaceuticals

In related news, Director Kamil Ali-Jackson sold 2,500 shares of Rigel Pharmaceuticals stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the completion of the transaction, the director directly owned 10,125 shares of the company’s stock, valued at $354,375. The trade was a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.47% of the company’s stock.

Analysts Set New Price Targets

RIGL has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Friday, July 17th. Citigroup reissued a “buy” rating and issued a $81.00 target price (up from $69.00) on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 13th. Zacks Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. Finally, HC Wainwright restated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $54.50.

Rigel Pharmaceuticals Stock Down 2.6%

NASDAQ RIGL opened at $38.06 on Friday. The firm has a market cap of $704.19 million, a PE ratio of 2.03 and a beta of 1.14. Rigel Pharmaceuticals, Inc. has a one year low of $20.28 and a one year high of $52.24. The stock’s 50 day simple moving average is $35.76 and its 200 day simple moving average is $32.98. 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 (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The business had revenue of $58.82 million for 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%. As a group, sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current fiscal year.

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).