Zacks: Analysts Anticipate Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Quarterly Sales of $14.28 Million

Brokerages forecast that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will post sales of $14.28 million for the current quarter, Zacks reports. Four analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with estimates ranging from $12.96 million to $16.00 million. Rigel Pharmaceuticals reported sales of $10.41 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 37.2%. The business is scheduled to report its next quarterly earnings results on Tuesday, August 4th.

According to Zacks, 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 financial year, analysts expect that the company will report sales of $98.55 million, with estimates ranging from $74.50 million to $127.70 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Rigel Pharmaceuticals.

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

Several analysts have recently weighed in on the stock. BidaskClub raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 30th. ValuEngine raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Rigel Pharmaceuticals from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. One investment 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’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $6.00.

Several large investors have recently bought and sold shares of the stock. Swiss National Bank boosted its position in Rigel Pharmaceuticals by 3.5% in the 4th quarter. Swiss National Bank now owns 320,779 shares of the biotechnology company’s stock valued at $686,000 after buying an additional 10,700 shares during the period. State Street Corp boosted its position in Rigel Pharmaceuticals by 8.0% in the 4th quarter. State Street Corp now owns 3,676,582 shares of the biotechnology company’s stock valued at $7,868,000 after buying an additional 271,943 shares during the period. Sei Investments Co. purchased a new position in Rigel Pharmaceuticals in the 4th quarter valued at approximately $132,000. Victory Capital Management Inc. boosted its position in Rigel Pharmaceuticals by 94.9% in the 4th quarter. Victory Capital Management Inc. now owns 45,175 shares of the biotechnology company’s stock valued at $97,000 after buying an additional 21,994 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Rigel Pharmaceuticals by 188.7% in the 4th quarter. Acadian Asset Management LLC now owns 935,631 shares of the biotechnology company’s stock valued at $2,003,000 after buying an additional 611,561 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:RIGL traded down $0.04 during trading hours on Monday, hitting $1.80. 1,384,229 shares of the company’s stock traded hands, compared to its average volume of 1,662,888. Rigel Pharmaceuticals has a 1 year low of $1.23 and a 1 year high of $3.10. The business has a fifty day moving average price of $1.87 and a 200-day moving average price of $1.99. The firm 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 current ratio of 3.73 and a quick ratio of 3.68.

About Rigel Pharmaceuticals

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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