Piper Sandler Comments on Rigel Pharmaceuticals, Inc.’s FY2021 Earnings (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Research analysts at Piper Sandler lowered their FY2021 earnings per share estimates for Rigel Pharmaceuticals in a research note issued to investors on Monday, January 10th. Piper Sandler analyst D. Kim now expects that the biotechnology company will post earnings per share of ($0.14) for the year, down from their previous estimate of ($0.10). Piper Sandler also issued estimates for Rigel Pharmaceuticals’ Q4 2021 earnings at ($0.16) EPS, Q1 2022 earnings at ($0.13) EPS, Q2 2022 earnings at ($0.10) EPS, Q3 2022 earnings at ($0.09) EPS, Q4 2022 earnings at ($0.08) EPS, FY2022 earnings at ($0.40) EPS, FY2023 earnings at ($0.33) EPS and FY2024 earnings at $0.12 EPS.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, November 2nd. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $21.54 million for the quarter, compared to the consensus estimate of $24.16 million. Rigel Pharmaceuticals had a negative net margin of 9.85% and a negative return on equity of 25.22%. During the same quarter in the previous year, the firm earned ($0.08) earnings per share.

A number of other brokerages also recently issued reports on RIGL. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 6th. TheStreet cut Rigel Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Wednesday, December 8th. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 28th. Finally, BMO Capital Markets restated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, November 8th.

Shares of NASDAQ:RIGL opened at $2.42 on Thursday. Rigel Pharmaceuticals has a fifty-two week low of $2.27 and a fifty-two week high of $5.50. The firm has a market cap of $413.83 million, a price-to-earnings ratio of -26.89 and a beta of 1.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.77 and a current ratio of 2.89. The business has a 50-day simple moving average of $2.71 and a two-hundred day simple moving average of $3.42.

A number of large investors have recently made changes to their positions in RIGL. Point72 Hong Kong Ltd bought a new stake in Rigel Pharmaceuticals during the third quarter valued at about $29,000. O Shaughnessy Asset Management LLC bought a new position in shares of Rigel Pharmaceuticals during the third quarter worth $38,000. Franklin Resources Inc. acquired a new stake in shares of Rigel Pharmaceuticals during the second quarter worth $54,000. E Fund Management Co. Ltd. acquired a new stake in Rigel Pharmaceuticals in the 3rd quarter valued at $60,000. Finally, Jump Financial LLC acquired a new position in shares of Rigel Pharmaceuticals during the 3rd quarter worth about $61,000. 80.62% of the stock is currently owned by institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc operates as a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. The firm focuses on intracellular signalling pathways and related targets that are critical to disease mechanisms.

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

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