Jupiter Topco LLC Invests $3.45 Million in Rigel Pharmaceuticals, Inc. $RIGL

Jupiter Topco LLC acquired a new stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 88,198 shares of the biotechnology company’s stock, valued at approximately $3,450,000. Jupiter Topco LLC owned approximately 0.48% of Rigel Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC acquired a new position in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rigel Pharmaceuticals by 14.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after buying an additional 1,464 shares during the last quarter. Legal & General Group Plc boosted its stake 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 worth $81,000 after buying an additional 2,442 shares during the last quarter. Rhumbline Advisers grew its holdings in Rigel Pharmaceuticals by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after buying an additional 555 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth $317,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock opened at $47.50 on Wednesday. The company has a market capitalization of $878.75 million, a PE ratio of 2.91 and a beta of 1.20. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $52.24. The firm has a 50 day moving average price of $41.17 and a 200 day moving average price of $34.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.09 by $0.79. The business had revenue of $78.70 million during the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. As a group, equities research analysts forecast that Rigel Pharmaceuticals, Inc. will post 2.98 earnings per share for the current year.

Insider Transactions at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the business’s stock in a transaction dated 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 directly owned 10,125 shares in the company, valued at $354,375. This represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RIGL. Weiss Ratings cut shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Piper Sandler reiterated a “neutral” rating and issued a $49.00 price objective (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, HC Wainwright restated a “buy” rating and issued a $85.00 target price (up from $57.00) on shares of Rigel Pharmaceuticals in a research report on Friday, August 14th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Rigel Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $59.00.

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).