Empire Financial Management Company LLC Lowers Position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Empire Financial Management Company LLC decreased its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,000 shares of the biotechnology company’s stock after selling 2,250 shares during the period. Empire Financial Management Company LLC owned 0.07% of Rigel Pharmaceuticals worth $202,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Barclays PLC raised its stake in shares of Rigel Pharmaceuticals by 158.6% in the third quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock valued at $442,000 after buying an additional 16,772 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Rigel Pharmaceuticals by 45.0% in the third quarter. JPMorgan Chase & Co. now owns 26,238 shares of the biotechnology company’s stock worth $425,000 after purchasing an additional 8,140 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Rigel Pharmaceuticals by 42.8% in 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 period. Geode Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 2.3% in the third quarter. Geode Capital Management LLC now owns 399,663 shares of the biotechnology company’s stock valued at $6,468,000 after purchasing an additional 8,881 shares during the period. Finally, State Street Corp lifted its stake in shares of Rigel Pharmaceuticals by 0.7% during the 3rd quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock valued at $5,951,000 after buying an additional 2,552 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors.

Insider Activity at Rigel Pharmaceuticals

In other news, EVP David A. Santos sold 2,125 shares of the company’s 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 completion of the transaction, the executive vice president now directly owns 53,500 shares in the company, valued at approximately $1,119,220. This represents a 3.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $103,595.84. Following the transaction, the chief executive officer now directly owns 243,854 shares in the company, valued at approximately $5,101,425.68. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,113 shares of company stock valued at $190,644 over the last 90 days. 9.04% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RIGL shares. B. Riley boosted their target price on shares of Rigel Pharmaceuticals from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, March 5th. Citigroup increased their price objective on Rigel Pharmaceuticals from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. StockNews.com lowered Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.80.

Rigel Pharmaceuticals Trading Up 5.0 %

Shares of RIGL opened at $19.06 on Friday. Rigel Pharmaceuticals, Inc. has a 12-month low of $7.48 and a 12-month high of $29.82. The company has a market cap of $340.55 million, a PE ratio of 136.15 and a beta of 1.32. The stock has a 50-day moving average price of $19.11 and a 200-day moving average price of $19.50.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, March 4th. The biotechnology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.50. The business had revenue of $57.60 million during the quarter, compared to analysts’ expectations of $57.59 million. Rigel Pharmaceuticals had a net margin of 2.46% and a negative return on equity of 14.80%. As a group, analysts predict that Rigel Pharmaceuticals, Inc. will post 0.22 earnings per share for the current year.

Rigel Pharmaceuticals 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.