Is Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) a good investment?
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Just as key, optimistic insider trading activity is another way to analyze the world of equities. Obviously, there are lots of motivations for an upper level exec to cut shares of his or her company, but only one, very simple reason why they would buy. Plenty of academic studies have demonstrated the valuable potential of this strategy if shareholders understand where to look (learn more here).
Thus, we’re going to examine the newest info about Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL).
How have hedgies been trading Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)?
At Q2’s end, a total of 12 of the hedge funds we track were bullish in this stock, a change of -29% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were upping their stakes considerably.
Because Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has faced dropping sentiment from the smart money’s best and brightest, we can see that there is a sect of hedgies that decided to sell off their entire stakes heading into Q2. Intriguingly, Jacob Gottlieb’s Visium Asset Management said goodbye to the largest position of the “upper crust” of funds we watch, comprising an estimated $4.9 million in call options.. Dmitry Balyasny’s fund, Balyasny Asset Management, also cut its call options., about $4.4 million worth. These transactions are important to note, as total hedge fund interest dropped by 5 funds heading into Q2.
What do corporate executives and insiders think about Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)?
Bullish insider trading is best served when the primary stock in question has seen transactions within the past 180 days. Over the last half-year time period, Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
We’ll go over the relationship between both of these indicators in other stocks similar to Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL). These stocks are Neurocrine Biosciences, Inc. (NASDAQ:NBIX), Kythera Biopharmaceuticals Inc (NASDAQ:KYTH), Endocyte, Inc. (NASDAQ:ECYT), Intercept Pharmaceuticals Inc (NASDAQ:ICPT), and Keryx Biopharmaceuticals (NASDAQ:KERX). This group of stocks belong to the drug manufacturers – major industry and their market caps match RIGL’s market cap.
