Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Short Interest Up 140.8% in February

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,350,000 shares, an increase of 140.8% from the January 31st total of 560,700 shares. Approximately 7.9% of the shares of the company are sold short. Based on an average daily trading volume, of 254,100 shares, the short-interest ratio is currently 5.3 days.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total transaction of $42,593.12. Following the completion of the transaction, the chief financial officer now owns 58,969 shares of the company’s stock, valued at approximately $1,233,631.48. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP David A. Santos sold 2,125 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $44,455.00. Following the sale, the executive vice president now owns 53,500 shares of the company’s stock, valued at approximately $1,119,220. This represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock worth $190,644 in the last three months. Insiders own 9.04% of the company’s stock.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. purchased a new stake in Rigel Pharmaceuticals in the 4th quarter worth approximately $63,000. Wells Fargo & Company MN raised its holdings in shares of Rigel Pharmaceuticals by 44.5% during the fourth quarter. Wells Fargo & Company MN now owns 8,603 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 2,648 shares in the last quarter. SG Americas Securities LLC boosted its position in Rigel Pharmaceuticals by 42.8% during the fourth quarter. SG Americas Securities LLC now owns 9,429 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 2,827 shares during the last quarter. Graham Capital Management L.P. acquired a new position in Rigel Pharmaceuticals in the 4th quarter worth about $170,000. Finally, Integrated Quantitative Investments LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 4th quarter worth about $181,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Stock Up 5.9 %

NASDAQ RIGL traded up $1.28 on Friday, hitting $23.06. The stock had a trading volume of 276,395 shares, compared to its average volume of 236,336. The company’s 50-day moving average is $19.79 and its two-hundred day moving average is $18.22. The stock has a market cap of $406.20 million, a price-to-earnings ratio of 164.73 and a beta of 1.34. Rigel Pharmaceuticals has a one year low of $7.48 and a one year high of $29.82.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RIGL. Cantor Fitzgerald lifted their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler lifted their target price on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Citigroup boosted 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. HC Wainwright restated a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, January 22nd. Finally, B. Riley boosted their target price on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Rigel Pharmaceuticals Company Profile

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.