Brokerages expect that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will announce sales of $2.73 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Rigel Pharmaceuticals’ earnings. The lowest sales estimate is $2.24 million and the highest is $3.48 million. Rigel Pharmaceuticals posted sales of $900,000.00 in the same quarter last year, which would indicate a positive year-over-year growth rate of 203.3%. The company is expected to announce its next quarterly earnings report on Tuesday, November 6th.
According to Zacks, analysts expect that Rigel Pharmaceuticals will report full-year sales of $8.46 million for the current financial year, with estimates ranging from $7.38 million to $10.10 million. For the next year, analysts expect that the firm will report sales of $31.69 million per share, with estimates ranging from $10.10 million to $39.65 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Rigel Pharmaceuticals.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The business had revenue of $1.79 million for the quarter, compared to the consensus estimate of $0.30 million.
A number of brokerages recently commented on RIGL. BidaskClub lowered Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Thursday, August 16th. Zacks Investment Research lowered Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a report on Thursday, August 9th. Cantor Fitzgerald reiterated a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. Finally, BMO Capital Markets lifted their price target on Rigel Pharmaceuticals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Rigel Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $7.54.
In other news, CEO Raul R. Rodriguez bought 114,000 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.38% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in RIGL. Bank of Montreal Can purchased a new stake in Rigel Pharmaceuticals in the second quarter worth $139,000. Canada Pension Plan Investment Board purchased a new stake in Rigel Pharmaceuticals in the second quarter worth $142,000. Cubist Systematic Strategies LLC increased its position in Rigel Pharmaceuticals by 199.9% in the second quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock worth $171,000 after buying an additional 40,366 shares during the last quarter. Lido Advisors LLC purchased a new stake in Rigel Pharmaceuticals in the first quarter worth $195,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Rigel Pharmaceuticals in the first quarter worth $232,000. 88.52% of the stock is owned by institutional investors and hedge funds.
Shares of Rigel Pharmaceuticals stock opened at $2.68 on Wednesday. The firm has a market cap of $436.08 million, a P/E ratio of -4.32 and a beta of 1.14. Rigel Pharmaceuticals has a 12 month low of $2.23 and a 12 month 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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