Zacks: Brokerages Anticipate Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Earnings of -$0.11 Per Share

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Equities research analysts expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to announce earnings of ($0.11) per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Rigel Pharmaceuticals’ earnings, with estimates ranging from ($0.13) to ($0.09). Rigel Pharmaceuticals posted earnings per share of $0.02 in the same quarter last year, which suggests a negative year over year growth rate of 650%. The company is scheduled to announce its next quarterly earnings report on Thursday, February 27th.

On average, analysts expect that Rigel Pharmaceuticals will report full year earnings of ($0.41) per share for the current year, with EPS estimates ranging from ($0.43) to ($0.39). For the next year, analysts anticipate that the company will post earnings of ($0.14) per share, with EPS estimates ranging from ($0.23) to ($0.06). Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 5th. The biotechnology company reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.04. The company had revenue of $20.86 million for the quarter, compared to analysts’ expectations of $16.27 million. Rigel Pharmaceuticals had a negative return on equity of 52.74% and a negative net margin of 56.84%. During the same quarter in the previous year, the company posted ($0.14) earnings per share.

RIGL has been the topic of a number of recent analyst reports. Zacks Investment Research cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $7.00 price target on shares of Rigel Pharmaceuticals in a report on Thursday, September 26th. HC Wainwright set a $8.00 price target on Rigel Pharmaceuticals and gave the company a “buy” rating in a report on Monday, September 23rd. BidaskClub raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rigel Pharmaceuticals in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Rigel Pharmaceuticals has an average rating of “Buy” and a consensus price target of $6.13.

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC raised its holdings in Rigel Pharmaceuticals by 5,309.8% during the third quarter. Millennium Management LLC now owns 7,648,121 shares of the biotechnology company’s stock worth $14,301,000 after purchasing an additional 7,506,747 shares in the last quarter. Vanguard Group Inc. raised its holdings in Rigel Pharmaceuticals by 15.2% during the second quarter. Vanguard Group Inc. now owns 7,177,249 shares of the biotechnology company’s stock worth $18,733,000 after purchasing an additional 947,225 shares in the last quarter. Tamarack Advisers LP raised its holdings in Rigel Pharmaceuticals by 3.3% during the second quarter. Tamarack Advisers LP now owns 5,475,000 shares of the biotechnology company’s stock worth $14,016,000 after purchasing an additional 175,000 shares in the last quarter. Invesco Ltd. bought a new stake in Rigel Pharmaceuticals during the second quarter worth approximately $13,050,000. Finally, Candriam Luxembourg S.C.A. raised its holdings in Rigel Pharmaceuticals by 0.3% during the second quarter. Candriam Luxembourg S.C.A. now owns 2,485,450 shares of the biotechnology company’s stock worth $14,275,000 after purchasing an additional 7,450 shares in the last quarter. 88.04% of the stock is currently owned by hedge funds and other institutional investors.

Shares of RIGL traded down $0.08 during mid-day trading on Wednesday, reaching $2.14. 1,671,606 shares of the company’s stock traded hands, compared to its average volume of 1,565,504. The business’s 50-day moving average price is $2.12 and its 200-day moving average price is $2.08. The stock has a market capitalization of $370.42 million, a P/E ratio of -4.86 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 4.03 and a current ratio of 4.06. Rigel Pharmaceuticals has a 12 month low of $1.56 and a 12 month high of $2.91.

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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Earnings History and Estimates for Rigel Pharmaceuticals (NASDAQ:RIGL)

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