Brokerages Anticipate Rigel Pharmaceuticals, Inc. (RIGL) Will Post Earnings of -$0.12 Per Share
Wall Street analysts expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to post earnings per share of ($0.12) for the current quarter, according to Zacks. Three analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with the highest EPS estimate coming in at ($0.11) and the lowest estimate coming in at ($0.13). Rigel Pharmaceuticals posted earnings of ($0.19) per share in the same quarter last year, which suggests a positive year over year growth rate of 36.8%. The firm is expected to announce its next earnings report on Tuesday, May 2nd.
According to Zacks, analysts expect that Rigel Pharmaceuticals will report full-year earnings of ($0.50) per share for the current financial year, with EPS estimates ranging from ($0.59) to ($0.36). For the next financial year, analysts expect that the company will post earnings of ($0.38) per share, with EPS estimates ranging from ($0.55) to ($0.17). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Rigel Pharmaceuticals.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, March 7th. The biotechnology company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.01. Rigel Pharmaceuticals had a negative net margin of 255.84% and a negative return on equity of 86.54%. The company had revenue of $3 million for the quarter, compared to analyst estimates of $4.25 million. During the same period in the prior year, the business posted ($0.14) earnings per share. The firm’s revenue for the quarter was down 64.9% compared to the same quarter last year.
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Several equities analysts have recently issued reports on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $4.00 price objective on shares of Rigel Pharmaceuticals in a research note on Monday, January 30th. Zacks Investment Research cut shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, December 31st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective (down previously from $6.00) on shares of Rigel Pharmaceuticals in a research note on Thursday, March 9th. Seven analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $5.50.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in Rigel Pharmaceuticals by 4.6% in the fourth quarter. FMR LLC now owns 14,833,279 shares of the biotechnology company’s stock valued at $35,303,000 after buying an additional 652,133 shares during the period. JPMorgan Chase & Co. increased its position in Rigel Pharmaceuticals by 36.1% in the third quarter. JPMorgan Chase & Co. now owns 2,162,247 shares of the biotechnology company’s stock valued at $7,936,000 after buying an additional 573,522 shares during the period. Rock Springs Capital Management LP increased its position in Rigel Pharmaceuticals by 3.4% in the third quarter. Rock Springs Capital Management LP now owns 1,810,000 shares of the biotechnology company’s stock valued at $6,643,000 after buying an additional 60,000 shares during the period. State Street Corp increased its position in Rigel Pharmaceuticals by 7.1% in the fourth quarter. State Street Corp now owns 1,712,369 shares of the biotechnology company’s stock valued at $4,070,000 after buying an additional 112,796 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its position in Rigel Pharmaceuticals by 54.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 850,000 shares of the biotechnology company’s stock valued at $3,120,000 after buying an additional 300,000 shares during the period. 72.23% of the stock is currently owned by institutional investors and hedge funds.
Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 3.05 on Thursday. The firm’s market capitalization is $372.97 million. The firm’s 50-day moving average is $3.01 and its 200 day moving average is $2.75. Rigel Pharmaceuticals has a 12 month low of $1.94 and a 12 month high of $4.38.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN).
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