HC Wainwright Issues Pessimistic Forecast for RIGL Earnings

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Equities research analysts at HC Wainwright decreased their FY2027 EPS estimates for shares of Rigel Pharmaceuticals in a research note issued on Wednesday, August 5th. HC Wainwright analyst J. Pantginis now anticipates that the biotechnology company will earn $3.08 per share for the year, down from their previous forecast of $3.40. HC Wainwright has a “Buy” rating and a $57.00 price target on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is $3.51 per share. HC Wainwright also issued estimates for Rigel Pharmaceuticals’ FY2028 earnings at $3.61 EPS.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.09 by $0.79. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 25.27%. The company had revenue of $78.70 million during the quarter, compared to analysts’ expectations of $55.27 million.

A number of other research analysts have also issued reports on RIGL. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Citigroup reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rigel Pharmaceuticals currently has an average rating of “Hold” and an average target price of $54.50.

Rigel Pharmaceuticals Stock Up 4.6%

Rigel Pharmaceuticals stock opened at $40.48 on Thursday. Rigel Pharmaceuticals has a twelve month low of $24.95 and a twelve month high of $52.24. The stock’s fifty day simple moving average is $36.49 and its 200-day simple moving average is $32.97. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $748.96 million, a P/E ratio of 2.48 and a beta of 1.16.

Insider Buying and Selling

In related news, Director Kamil Ali-Jackson sold 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $35.00, for a total value of $87,500.00. Following the transaction, the director owned 10,125 shares of the company’s stock, valued at $354,375. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Ruffer LLP purchased a new stake in Rigel Pharmaceuticals during the 4th quarter valued at approximately $1,598,000. Ritholtz Wealth Management grew its stake in shares of Rigel Pharmaceuticals by 961.3% in the 4th quarter. Ritholtz Wealth Management now owns 80,593 shares of the biotechnology company’s stock valued at $3,452,000 after purchasing an additional 72,999 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Rigel Pharmaceuticals in the 4th quarter valued at approximately $2,364,000. Hussman Strategic Advisors Inc. acquired a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at approximately $2,249,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Rigel Pharmaceuticals by 251.5% in the third quarter. JPMorgan Chase & Co. now owns 34,960 shares of the biotechnology company’s stock valued at $990,000 after purchasing an additional 25,013 shares during the period. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).