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David A. Santos, Executive Vice President and Chief Commercial Officer at Rigel Pharmaceuticals Inc. (NASDAQ:RIGL), recently sold a portion of his holdings in the company. According to a recent SEC filing, Santos sold a total of 3,921 shares over two days. The transaction comes as Rigel shows strong momentum, with the stock up 147% over the past six months and maintaining a "GREAT" overall financial health score according to InvestingPro. The transactions, which took place on February 4 and 5, were executed at prices ranging from $20.921 to $21.926 per share, resulting in a total value of $83,836.
These transactions were conducted to cover tax withholding obligations associated with the vesting of Restricted Stock Units. Post-sale, Santos retains ownership of 51,704 shares in Rigel Pharmaceuticals.
In other recent news, Rigel Pharmaceuticals has made significant strides in its clinical trials and financial performance. The company has initiated a Phase 1 clinical trial for fostamatinib, an oral spleen tyrosine kinase inhibitor, to assess its safety and tolerability in individuals with sickle cell disease. The trial, sponsored by the National Heart, Lung, and Blood Institute, has enrolled its first patient.
On the financial front, Rigel reported an expected total revenue of approximately $57.6 million for the fourth quarter of 2024, a substantial increase from the same period in 2023. The company’s net product sales for the quarter are projected at $46.5 million, with TAVALISSE’s annual net product sales surpassing $100 million in 2024. Looking ahead, Rigel anticipates total revenue for 2025 to reach between $200 to $210 million.
In relation to its investigational drugs, Rigel’s R289 has received Fast Track designation from the U.S. Food and Drug Administration for treating lower-risk myelodysplastic syndrome in previously-treated, transfusion-dependent patients. Meanwhile, Citi has maintained a positive outlook on Rigel, increasing the stock’s price target to $49.00 from the previous $40.00 while keeping a Buy rating, following strong sales of Gavreto.
Furthermore, Rigel reported a net income of $12.4 million in the third quarter of 2024, marking a turnaround from the previous year’s net loss. The company’s total net sales rose to $38.9 million, a 44% increase from the same period last year, driven by the integration of GAVRETO and strong sales trends for TAVALISSE and REZLIDHIA. These are the recent developments for Rigel Pharmaceuticals.
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