CM Management LLC Sells 47,500 Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

CM Management LLC reduced its stake in shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 16.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,500 shares of the biotechnology company’s stock after selling 47,500 shares during the quarter. Rigel Pharmaceuticals accounts for 3.5% of CM Management LLC’s portfolio, making the stock its 8th largest position. CM Management LLC’s holdings in Rigel Pharmaceuticals were worth $4,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. acquired a new position in Rigel Pharmaceuticals during the 4th quarter worth about $63,000. 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 worth $159,000 after purchasing an additional 2,827 shares during the period. Franklin Resources Inc. bought a new position in Rigel Pharmaceuticals during the 3rd quarter worth $193,000. Empire Financial Management Company LLC acquired a new position in Rigel Pharmaceuticals during the third quarter valued at approximately $231,000. Finally, PDT Partners LLC acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth $322,000. 66.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Raul R. Rodriguez sold 4,952 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.92, for a total value of $103,595.84. Following the completion of the transaction, the chief executive officer now owns 243,854 shares in the company, valued at $5,101,425.68. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Dean L. Schorno sold 2,036 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.92, for a total value of $42,593.12. Following the transaction, the chief financial officer now directly owns 58,969 shares of the company’s stock, valued at $1,233,631.48. This represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,113 shares of company stock worth $190,644. 9.04% of the stock is currently owned by company insiders.

Rigel Pharmaceuticals Stock Up 4.2 %

RIGL opened at $20.52 on Friday. The company’s 50-day moving average price is $20.22 and its two-hundred day moving average price is $18.52. Rigel Pharmaceuticals, Inc. has a twelve month low of $7.48 and a twelve month high of $29.82. The stock has a market cap of $361.46 million, a price-to-earnings ratio of 146.58 and a beta of 1.35.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. StockNews.com cut shares of Rigel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday. B. Riley lifted their price objective on Rigel Pharmaceuticals from $20.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday. Cantor Fitzgerald increased their target price on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler increased their price objective on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Citigroup boosted their target price on shares of Rigel Pharmaceuticals from $49.00 to $55.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.80.

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.