Zacks: Brokerages Expect Rigel Pharmaceuticals, Inc. (RIGL) Will Post Earnings of $0.04 Per Share

Brokerages forecast that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will announce earnings of $0.04 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with the lowest EPS estimate coming in at $0.03 and the highest estimate coming in at $0.04. Rigel Pharmaceuticals reported earnings per share of ($0.18) in the same quarter last year, which suggests a positive year over year growth rate of 122.2%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, March 5th.

According to Zacks, analysts expect that Rigel Pharmaceuticals will report full year earnings of ($0.42) per share for the current financial year, with EPS estimates ranging from ($0.43) to ($0.41). For the next year, analysts forecast that the firm will post earnings of ($0.53) per share, with EPS estimates ranging from ($0.57) to ($0.50). Zacks’ EPS averages are an average based on a survey of research analysts that cover Rigel Pharmaceuticals.

Several research firms have recently weighed in on RIGL. BidaskClub lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Cantor Fitzgerald set a $9.00 price objective on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, October 29th. Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, November 17th. ValuEngine lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, December 21st. Finally, HC Wainwright set a $8.00 price objective on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $7.50.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tamarack Advisers LP grew its position in Rigel Pharmaceuticals by 20.9% in the 4th quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock valued at $12,650,000 after purchasing an additional 950,000 shares during the period. Bank of New York Mellon Corp grew its position in Rigel Pharmaceuticals by 3.5% in the 4th quarter. Bank of New York Mellon Corp now owns 715,482 shares of the biotechnology company’s stock valued at $1,646,000 after purchasing an additional 24,436 shares during the period. BlackRock Inc. grew its position in Rigel Pharmaceuticals by 0.7% in the 4th quarter. BlackRock Inc. now owns 13,724,460 shares of the biotechnology company’s stock valued at $31,567,000 after purchasing an additional 89,356 shares during the period. Rhenman & Partners Asset Management AB grew its position in Rigel Pharmaceuticals by 7.1% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 2,264,942 shares of the biotechnology company’s stock valued at $5,209,000 after purchasing an additional 150,954 shares during the period. Finally, Rhumbline Advisers grew its position in Rigel Pharmaceuticals by 48.8% in the 4th quarter. Rhumbline Advisers now owns 218,130 shares of the biotechnology company’s stock valued at $502,000 after purchasing an additional 71,490 shares during the period. 94.47% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:RIGL traded up $0.03 during mid-day trading on Monday, hitting $2.19. The company had a trading volume of 1,309,099 shares, compared to its average volume of 2,577,053. The firm has a market capitalization of $359.94 million, a P/E ratio of -3.53 and a beta of 1.31. Rigel Pharmaceuticals has a one year low of $1.96 and a one year high of $4.68.

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 fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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

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