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Raymond (NSE:RYMD) J. Furey, the Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at Rigel Pharmaceuticals Inc. (NASDAQ:RIGL), recently sold shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Furey sold a total of 2,787 shares over two days, February 4 and February 5, 2025. The transaction comes as Rigel’s stock has shown remarkable strength, gaining over 147% in the past six months, with the current share price at $24.39. InvestingPro analysis indicates the stock is currently in overbought territory.
The shares were sold at prices ranging from $20.921 to $21.926, resulting in a total transaction value of $59,652. It’s important to note that these sales were conducted to cover tax withholding obligations due upon the vesting of Restricted Stock Units and were not discretionary trades by Furey. Following these transactions, Furey holds 38,830 shares of the company’s stock. The company maintains a GREAT financial health score according to InvestingPro, which offers comprehensive insider trading analysis and 15+ additional exclusive insights for Rigel Pharmaceuticals.
In other recent news, Rigel Pharmaceuticals has initiated a Phase 1 clinical trial for its drug fostamatinib, aimed at treating sickle cell disease. The trial, sponsored by the National Heart, Lung, and Blood Institute, has enrolled its first patient. Rigel has also reported promising financial results for the fourth quarter of 2024, with an expected total revenue of approximately $57.6 million, a significant increase from the same period in 2023.
The company’s investigational drug R289 has received Fast Track designation from the U.S. Food and Drug Administration for treating lower-risk myelodysplastic syndrome. Citi has shown confidence in Rigel, maintaining a Buy rating and increasing the stock’s price target to $49.00, largely due to strong sales of Gavreto, a Rigel product.
Rigel’s Q3 2024 earnings 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. These are recent developments that highlight Rigel’s ongoing efforts to improve its financial performance and advance its product pipeline.
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