Insider Buying: Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CEO Acquires 1,000,000 Shares of Stock

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) CEO Raul R. Rodriguez bought 1,000,000 shares of Rigel Pharmaceuticals stock in a transaction dated Thursday, June 9th. The stock was acquired at an average cost of $0.69 per share, for a total transaction of $690,000.00. Following the purchase, the chief executive officer now directly owns 1,391,776 shares in the company, valued at approximately $960,325.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

NASDAQ:RIGL traded up $0.02 on Monday, reaching $0.69. The company’s stock had a trading volume of 17,346,063 shares, compared to its average volume of 2,986,789. Rigel Pharmaceuticals, Inc. has a 1-year low of $0.64 and a 1-year high of $4.62. The business’s 50-day moving average price is $2.26 and its two-hundred day moving average price is $2.54. The company has a quick ratio of 2.23, a current ratio of 2.35 and a debt-to-equity ratio of 4.39.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Rigel Pharmaceuticals had a negative net margin of 99.89% and a negative return on equity of 219.06%. The business had revenue of $16.74 million during the quarter, compared to analyst estimates of $18.49 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. As a group, equities analysts expect that Rigel Pharmaceuticals, Inc. will post -0.52 earnings per share for the current year.

Several hedge funds have recently modified their holdings of RIGL. Morgan Stanley boosted its position in shares of Rigel Pharmaceuticals by 1.5% during the second quarter. Morgan Stanley now owns 1,403,515 shares of the biotechnology company’s stock worth $6,091,000 after buying an additional 20,936 shares during the period. Goldman Sachs Group Inc. lifted its position in Rigel Pharmaceuticals by 18.6% during the 3rd quarter. Goldman Sachs Group Inc. now owns 2,353,287 shares of the biotechnology company’s stock worth $8,543,000 after buying an additional 369,865 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,105,540 shares of the biotechnology company’s stock worth $11,273,000 after buying an additional 126,414 shares during the last quarter. Credit Suisse AG grew its holdings in shares of Rigel Pharmaceuticals by 17.8% in the 3rd quarter. Credit Suisse AG now owns 123,983 shares of the biotechnology company’s stock valued at $450,000 after acquiring an additional 18,693 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at about $418,000. 80.33% of the stock is owned by institutional investors.

RIGL has been the topic of several analyst reports. Piper Sandler lowered shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $7.00 to $1.00 in a report on Wednesday, June 8th. BMO Capital Markets cut their price target on Rigel Pharmaceuticals from $7.00 to $3.00 in a research note on Thursday. Citigroup cut Rigel Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $0.80 in a research note on Thursday. StockNews.com started coverage on Rigel Pharmaceuticals in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Cantor Fitzgerald lowered Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $6.00 to $1.00 in a research report on Wednesday, June 8th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.34.

Rigel Pharmaceuticals Company Profile (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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