Empire Financial Management Company LLC Sells 31,000 Shares of Rigel Pharmaceuticals, Inc. $RIGL

Empire Financial Management Company LLC lowered its position in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 40.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,445 shares of the biotechnology company’s stock after selling 31,000 shares during the period. Empire Financial Management Company LLC owned approximately 0.25% of Rigel Pharmaceuticals worth $1,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new position in Rigel Pharmaceuticals in the 1st quarter valued at approximately $191,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Rigel Pharmaceuticals by 14.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,366 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 1,464 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Rigel Pharmaceuticals by 130.7% in the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 2,442 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Rigel Pharmaceuticals by 2.1% in the second quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock worth $507,000 after purchasing an additional 555 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Rigel Pharmaceuticals during the second quarter valued at $317,000. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kamil Ali-Jackson sold 2,500 shares of the company’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 completion of the sale, the director owned 10,125 shares of the company’s stock, valued at $354,375. This represents a 19.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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

RIGL has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Friday, July 17th. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 7th. HC Wainwright restated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Finally, Citigroup reaffirmed a “buy” rating and set a $81.00 price target (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Three research 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 MarketBeat, the company currently has an average rating of “Hold” and an average price target of $54.50.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $38.50 on Wednesday. The stock has a market capitalization of $712.25 million, a price-to-earnings ratio of 2.06 and a beta of 1.14. Rigel Pharmaceuticals, Inc. has a 1-year low of $19.51 and a 1-year high of $52.24. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.62 and a quick ratio of 2.48. The business’s fifty day moving average price is $35.38 and its 200-day moving average price is $33.03.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%. On average, equities analysts predict that Rigel Pharmaceuticals, Inc. will post 3.51 earnings per share for the current year.

Rigel Pharmaceuticals Company Profile

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).