Wall Street brokerages expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to post $9.25 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Rigel Pharmaceuticals’ earnings, with estimates ranging from $9.19 million to $9.30 million. Rigel Pharmaceuticals reported sales of $1.79 million in the same quarter last year, which indicates a positive year-over-year growth rate of 416.8%. The company is scheduled to announce its next earnings report on Wednesday, August 14th.
According to Zacks, analysts expect that Rigel Pharmaceuticals will report full-year sales of $85.79 million for the current year, with estimates ranging from $85.27 million to $86.20 million. For the next financial year, analysts forecast that the business will post sales of $78.56 million, with estimates ranging from $51.62 million to $98.11 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Rigel Pharmaceuticals.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.02. Rigel Pharmaceuticals had a negative return on equity of 58.94% and a negative net margin of 111.48%. The business had revenue of $12.62 million for the quarter, compared to the consensus estimate of $12.00 million. During the same quarter in the prior year, the business posted ($0.17) earnings per share.
Several research analysts have recently issued reports on RIGL shares. Zacks Investment Research downgraded Hallmark Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $15.00 target price on shares of Foamix Pharmaceuticals in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.70.
In related news, CFO Dean L. Schorno acquired 50,000 shares of Rigel Pharmaceuticals stock in a transaction on Wednesday, May 22nd. The stock was bought at an average cost of $2.13 per share, for a total transaction of $106,500.00. Following the completion of the transaction, the chief financial officer now owns 46,726 shares of the company’s stock, valued at approximately $99,526.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.96% of the company’s stock.
A number of large investors have recently bought and sold shares of RIGL. DekaBank Deutsche Girozentrale grew its holdings in shares of Rigel Pharmaceuticals by 22.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 62,500 shares of the biotechnology company’s stock valued at $207,000 after purchasing an additional 11,500 shares during the period. HRT Financial LLC purchased a new stake in shares of Rigel Pharmaceuticals in the fourth quarter valued at about $28,000. Amalgamated Bank grew its holdings in shares of Rigel Pharmaceuticals by 128.4% in the fourth quarter. Amalgamated Bank now owns 24,692 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 13,883 shares during the period. Weiss Multi Strategy Advisers LLC grew its holdings in shares of Rigel Pharmaceuticals by 3.0% in the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 510,000 shares of the biotechnology company’s stock valued at $1,173,000 after purchasing an additional 15,000 shares during the period. Finally, Lido Advisors LLC grew its holdings in shares of Rigel Pharmaceuticals by 14.6% in the first quarter. Lido Advisors LLC now owns 129,671 shares of the biotechnology company’s stock valued at $333,000 after purchasing an additional 16,548 shares during the period. Institutional investors own 93.04% of the company’s stock.
Shares of NASDAQ:RIGL traded down $0.08 during trading on Tuesday, reaching $2.41. 610,892 shares of the stock traded hands, compared to its average volume of 1,692,490. The company has a market capitalization of $416.30 million, a PE ratio of -5.48 and a beta of 1.26. The firm’s 50-day moving average price is $2.33. Rigel Pharmaceuticals has a 52-week low of $1.96 and a 52-week high of $3.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.29 and a current ratio of 5.33.
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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.
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