Rigel Pharmaceuticals (NASDAQ:RIGL) Posts Earnings Results, Misses Expectations By $0.02 EPS

Rigel Pharmaceuticals (NASDAQ:RIGL) issued its quarterly earnings results on Tuesday. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02), RTT News reports. The company had revenue of $29.53 million for the quarter, compared to the consensus estimate of $31.28 million. During the same period in the prior year, the company earned ($0.08) EPS.

Rigel Pharmaceuticals Trading Down 1.2 %

Shares of NASDAQ RIGL traded down $0.01 during midday trading on Thursday, reaching $0.98. 291,941 shares of the company were exchanged, compared to its average volume of 1,317,387. The stock has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $1.21. The stock has a market cap of $171.89 million, a P/E ratio of -6.61 and a beta of 1.06. Rigel Pharmaceuticals has a 1 year low of $0.71 and a 1 year high of $1.96.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. HC Wainwright restated a “buy” rating and issued a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday. B. Riley reiterated a “neutral” rating and issued a $1.25 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. Citigroup boosted their price objective on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Cantor Fitzgerald upped their price objective on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Finally, StockNews.com cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.81.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.