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Rigel Pharmaceuticals Inc. (NASDAQ:RIGL), a biotech company with a market capitalization of $427 million and currently trading at $24.39, recently reported that Dean Schorno, the company’s Executive Vice President and Chief Financial Officer, sold shares of the company’s common stock totaling $80,614. According to InvestingPro data, the stock has shown remarkable strength with a 147% gain over the past six months. The transactions, which took place on February 4 and February 5, involved the sale of 2,036 shares at a price of $20.921 each and 1,734 shares at $21.926 each.
These sales were conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units, as noted in the filing. Following these transactions, Schorno holds 57,235 shares of Rigel Pharmaceuticals.
In other recent news, Rigel Pharmaceuticals has seen noteworthy developments in its clinical trials, financial performance, and analyst ratings. The company has initiated a Phase 1 trial for its drug, fostamatinib, aiming to explore its potential in treating sickle cell disease. The trial, sponsored by the National Heart, Lung, and Blood Institute, will enroll around 20 patients to assess the drug’s safety and tolerability.
Rigel’s financial performance has also been strong, with Q4 2024 revenue expected to be approximately $57.6 million, a significant increase from the same period in 2023. The company anticipates total revenue for 2025 to reach between $200 to $210 million, reflecting confidence in continued growth.
Moreover, Rigel’s investigational drug, R289, has received Fast Track designation from the FDA for treating lower-risk myelodysplastic syndrome. This development underscores the potential of R289 to improve patient outcomes in a population with limited treatment options.
In terms of analyst ratings, Citi has upgraded Rigel’s stock target to $49 from $40, maintaining a Buy rating. This adjustment follows strong sales of Gavreto, one of Rigel’s products, which exceeded analyst estimates. Citi’s confidence in the company’s growth potential is reflected in this upgrade.
Finally, in Q3 2024, Rigel reported a significant increase in sales and a net income of $12.4 million, marking a turnaround from the previous year’s net loss. The company also announced a $10 million agreement with Kissei to develop REZLIDHIA in Asia, further expanding its commercial portfolio.
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