Rigel Pharmaceuticals
RIGL on Nasdaq. Rigel Pharmaceuticals sells medicines for blood diseases and cancer to patients. Market value $893m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 10.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 50 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$46.11 a share, 85% above its 1-year low
Over the past year the price has ranged from $24.95 to $52.24.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $149m | $120m | $117m | $179m | $294m |
| Operating margin | |||||
| Operating margin | -8.4% | -46.2% | -17.5% | 13.5% | 42.6% |
| Debt to equity | |||||
| Debt to equity | 0.66 | n/a | n/a | 18.25 | 0.13 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.17bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)No
- Debt0.13× equity
- Revenue growth, five yearsStrong, 22.1% a year
- Buying back its own sharesYes, 89% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $79 million last quarter, down 23% on a year ago.
- Profit: $17 million, down 71% on a year ago.
- It keeps 31 cents of each $1 of sales as operating profit, down from 39 cents a year earlier.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $55m |
| December 2024 | $58m |
| March 2025 | $53m |
| June 2025 | $102m |
| September 2025 | $69m |
| December 2025 | $70m |
| March 2026 | $59m |
| June 2026 | $79m |
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $14m |
| March 2025 | $11m |
| June 2025 | $60m |
| September 2025 | $28m |
| December 2025 | $268m |
| March 2026 | $9m |
| June 2026 | $17m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 155 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $28m | <0.1% | Added |
Largest holders overall
- BlackRock$76mAdded
- Soleus Capital Management, L.P.$72mAdded
- Armistice Capital$65mAdded
- State Street$41mCut
- Vanguard Capital Management$31mAdded
- American Century Companies$29mAdded
- LSV Asset Management$28mAdded
- Acadian Asset Management$23mCut
- D. E. Shaw$21mAdded
- Geode Capital Management$19mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Soleus Capital Master Fund, L.P.Passive investorat least 9.9%+4.7 pts(filed with 5 related holders)Since 30 June 2026
- Armistice Capital, LLCPassive investorat least 8.9%+2.0 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor7.7%−2.2 ptsSince 31 March 2025
- STATE STREET CORPORATIONPassive investor6.0%Since 31 December 2025
- Morgan StanleyPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Invesco Ltd.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Soleus Capital Master Fund, L.P. Passive investor | at least 9.9%+4.7 pts (filed with 5 related holders) | 30 June 2026 | |
Armistice Capital, LLC Passive investor | at least 8.9%+2.0 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.7%−2.2 pts | 31 March 2025 | |
STATE STREET CORPORATION Passive investor | 6.0% | 31 December 2025 | |
Morgan Stanley Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Invesco Ltd. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $305,865, $160,425 of it under preset trading plans.
- Ali-Jackson KamilDirectorSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 2,500
- Price
- $35.00
- Value
- $87,500
- Ali-Jackson KamilDirectorSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 2,500
- Price
- $29.17
- Value
- $72,925
- MOOS WALTER HDirectorSold
- Date
- 20 February 2026
- Shares
- 4,000
- Price
- $36.36
- Value
- $145,440
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 June 2026 | Ali-Jackson Kamil Director | Sold under a preset trading plan | 2,500 | $35.00 | $87,500 |
| 26 May 2026 | Ali-Jackson Kamil Director | Sold under a preset trading plan | 2,500 | $29.17 | $72,925 |
| 20 February 2026 | MOOS WALTER H Director | Sold | 4,000 | $36.36 | $145,440 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.