Brokerages Anticipate Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Quarterly Sales of $17.43 Million

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Wall Street brokerages forecast that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will announce $17.43 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Rigel Pharmaceuticals’ earnings, with estimates ranging from $14.23 million to $19.54 million. Rigel Pharmaceuticals posted sales of $37.86 million in the same quarter last year, which suggests a negative year over year growth rate of 54%. The firm is scheduled to announce its next quarterly earnings report on Thursday, February 27th.

On average, analysts expect that Rigel Pharmaceuticals will report full year sales of $61.31 million for the current financial year, with estimates ranging from $58.12 million to $63.37 million. For the next fiscal year, analysts forecast that the firm will report sales of $119.42 million, with estimates ranging from $98.60 million to $130.81 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, November 5th. The biotechnology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $20.86 million during the quarter, compared to the consensus estimate 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 period last year, the firm earned ($0.14) earnings per share.

Several analysts have recently weighed in on RIGL shares. Cantor Fitzgerald restated an “overweight” rating on shares of Rigel Pharmaceuticals in a research note on Friday, October 18th. HC Wainwright set a $8.00 price target on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, September 23rd. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, November 9th. BidaskClub upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $6.13.

Shares of Rigel Pharmaceuticals stock traded down $0.08 during trading hours on Friday, hitting $2.14. 1,671,606 shares of the company’s stock traded hands, compared to its average volume of 1,565,504. The stock has a 50 day simple moving average of $2.12 and a 200-day simple moving average of $2.08. The company has a quick ratio of 4.03, a current ratio of 4.06 and a debt-to-equity ratio of 0.45. The company has a market cap of $370.42 million, a PE ratio of -4.86 and a beta of 1.37. Rigel Pharmaceuticals has a twelve month low of $1.56 and a twelve month high of $2.91.

A number of large investors have recently bought and sold shares of RIGL. Millennium Management LLC grew its stake in Rigel Pharmaceuticals by 5,309.8% in 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. Invesco Ltd. acquired a new position in Rigel Pharmaceuticals in the second quarter worth about $13,050,000. Vanguard Group Inc. grew its stake in Rigel Pharmaceuticals by 15.2% in 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. Squarepoint Ops LLC grew its stake in Rigel Pharmaceuticals by 118.8% in the third quarter. Squarepoint Ops LLC now owns 1,102,470 shares of the biotechnology company’s stock worth $2,062,000 after purchasing an additional 598,509 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Rigel Pharmaceuticals by 1,343.7% in the second quarter. JPMorgan Chase & Co. now owns 591,364 shares of the biotechnology company’s stock worth $1,449,000 after purchasing an additional 550,403 shares in the last quarter. Institutional investors and hedge funds own 88.04% of the company’s stock.

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.

See Also: Institutional Investors

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

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