Rigel Pharmaceuticals (NASDAQ:RIGL) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

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

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL opened at $1.02 on Friday. The company has a market capitalization of $178.91 million, a P/E ratio of -8.50 and a beta of 1.06. Rigel Pharmaceuticals has a one year low of $0.71 and a one year high of $1.96. The stock has a 50 day moving average price of $1.29 and a 200-day moving average price of $1.21.

Analyst Ratings Changes

RIGL has been the topic of several recent research reports. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday. B. Riley reiterated a “neutral” rating and issued a $1.25 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. HC Wainwright reissued a “buy” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, Cantor Fitzgerald increased 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.81.

About Rigel Pharmaceuticals

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.