Rigel Pharmaceuticals (NASDAQ:RIGL) Announces Quarterly Earnings Results

Rigel Pharmaceuticals (NASDAQ:RIGL) released its quarterly earnings data on Tuesday. The biotechnology company reported ($0.05) earnings per share 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 analysts’ expectations of $31.28 million. During the same quarter last year, the business earned ($0.08) earnings per share.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL opened at $1.10 on Wednesday. Rigel Pharmaceuticals has a fifty-two week low of $0.71 and a fifty-two week high of $1.96. The business has a 50-day moving average of $1.31 and a 200 day moving average of $1.21. The firm has a market cap of $192.87 million, a P/E ratio of -7.93 and a beta of 1.06.

Analysts Set New Price Targets

RIGL has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. StockNews.com downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th. Cantor Fitzgerald increased their price target on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. B. Riley reissued a “neutral” rating and issued a $1.25 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average 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.