$14.28 Million in Sales Expected for Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) This Quarter

Equities research analysts predict that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will post sales of $14.28 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with estimates ranging from $12.96 million to $16.00 million. Rigel Pharmaceuticals posted sales of $10.41 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 37.2%. The business is expected to issue its next earnings results on Tuesday, August 4th.

On average, analysts expect that Rigel Pharmaceuticals will report full year sales of $105.79 million for the current year, with estimates ranging from $97.30 million to $113.90 million. For the next fiscal year, analysts expect that the company will post sales of $98.55 million, with estimates ranging from $74.50 million to $127.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.13 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.13. The business had revenue of $55.76 million during the quarter, compared to the consensus estimate of $56.94 million. Rigel Pharmaceuticals had a negative net margin of 27.39% and a negative return on equity of 40.15%.

RIGL has been the subject of a number of recent analyst reports. BidaskClub upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. cut their price target on shares of Rigel Pharmaceuticals from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 8th. Finally, ValuEngine upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Rigel Pharmaceuticals presently has an average rating of “Buy” and an average target price of $6.00.

A number of institutional investors have recently bought and sold shares of the stock. Sofinnova Investments Inc. acquired a new position in Rigel Pharmaceuticals in the first quarter valued at $2,257,000. Morgan Stanley grew its position in shares of Rigel Pharmaceuticals by 127.1% in the 1st quarter. Morgan Stanley now owns 2,511,579 shares of the biotechnology company’s stock valued at $3,918,000 after purchasing an additional 1,405,535 shares during the period. Ikarian Capital LLC grew its position in shares of Rigel Pharmaceuticals by 380.2% in the 1st quarter. Ikarian Capital LLC now owns 1,680,529 shares of the biotechnology company’s stock valued at $2,622,000 after purchasing an additional 1,330,529 shares during the period. Renaissance Technologies LLC grew its position in shares of Rigel Pharmaceuticals by 57.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,976,940 shares of the biotechnology company’s stock valued at $6,371,000 after purchasing an additional 1,082,302 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Rigel Pharmaceuticals by 109.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,759,992 shares of the biotechnology company’s stock valued at $3,766,000 after purchasing an additional 921,371 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Shares of NASDAQ RIGL traded down $0.04 during midday trading on Monday, reaching $1.80. 1,384,229 shares of the stock were exchanged, compared to its average volume of 1,662,888. The company has a 50 day simple moving average of $1.87 and a 200 day simple moving average of $1.99. The stock has a market capitalization of $313.54 million, a P/E ratio of -11.41 and a beta of 1.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.68 and a current ratio of 3.73. Rigel Pharmaceuticals has a twelve month low of $1.23 and a twelve month high of $3.10.

Rigel Pharmaceuticals Company Profile

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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