Rigel Pharmaceuticals (NASDAQ:RIGL) Announces Quarterly Earnings Results

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

Rigel Pharmaceuticals Trading Down 7.6 %

RIGL opened at $1.10 on Wednesday. The company has a market capitalization of $192.87 million, a price-to-earnings ratio of -7.93 and a beta of 1.06. Rigel Pharmaceuticals has a 12-month low of $0.71 and a 12-month high of $1.96. The business’s fifty day simple moving average is $1.31 and its 200-day simple moving average is $1.21.

Analysts Set New Price Targets

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