Equities research analysts forecast that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will announce earnings of ($0.16) per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Rigel Pharmaceuticals’ earnings, with the highest EPS estimate coming in at ($0.15) and the lowest estimate coming in at ($0.17). Rigel Pharmaceuticals posted earnings per share of ($0.14) during the same quarter last year, which would indicate a negative year-over-year growth rate of 14.3%. The company is scheduled to issue its next earnings report on Tuesday, November 6th.
On average, analysts expect that Rigel Pharmaceuticals will report full-year earnings of ($0.64) per share for the current financial year, with EPS estimates ranging from ($0.66) to ($0.62). For the next financial year, analysts forecast that the company will post earnings of ($0.54) per share, with EPS estimates ranging from ($0.64) to ($0.46). Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover Rigel Pharmaceuticals.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The firm had revenue of $1.79 million for the quarter, compared to analysts’ expectations of $0.30 million.
RIGL has been the subject of a number of analyst reports. ValuEngine upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, August 28th. Citigroup initiated coverage on shares of Rigel Pharmaceuticals in a report on Monday, August 27th. They issued a “buy” rating and a $8.50 price objective for the company. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a report on Wednesday, July 4th. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Rigel Pharmaceuticals in a report on Thursday, August 9th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $9.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $7.59.
In other Rigel Pharmaceuticals news, EVP Anne-Marie Duliege sold 16,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total transaction of $57,915.00. Following the completion of the transaction, the executive vice president now owns 16,500 shares of the company’s stock, valued at $57,915. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Raul R. Rodriguez bought 114,000 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. Insiders acquired 314,000 shares of company stock valued at $907,820 over the last 90 days. 5.38% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. United Services Automobile Association increased its stake in shares of Rigel Pharmaceuticals by 4.3% during the second quarter. United Services Automobile Association now owns 396,267 shares of the biotechnology company’s stock valued at $1,121,000 after purchasing an additional 16,400 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Rigel Pharmaceuticals by 16.3% during the second quarter. Rhumbline Advisers now owns 155,515 shares of the biotechnology company’s stock valued at $440,000 after purchasing an additional 21,745 shares in the last quarter. Lido Advisors LLC increased its stake in shares of Rigel Pharmaceuticals by 45.8% during the second quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock valued at $228,000 after purchasing an additional 25,331 shares in the last quarter. Palo Alto Investors LP increased its stake in shares of Rigel Pharmaceuticals by 0.8% during the first quarter. Palo Alto Investors LP now owns 3,966,087 shares of the biotechnology company’s stock valued at $14,040,000 after purchasing an additional 30,503 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of Rigel Pharmaceuticals by 27.4% during the first quarter. New York State Common Retirement Fund now owns 147,000 shares of the biotechnology company’s stock valued at $520,000 after purchasing an additional 31,600 shares in the last quarter. 94.23% of the stock is owned by institutional investors and hedge funds.
Rigel Pharmaceuticals stock opened at $3.10 on Wednesday. The stock has a market cap of $534.28 million, a PE ratio of -5.00 and a beta of 1.07. Rigel Pharmaceuticals has a 1-year low of $2.56 and a 1-year high of $4.71.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.
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