Brokerages Anticipate Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Quarterly Sales of $18.49 Million

Equities research analysts expect that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGLGet Rating) will announce $18.49 million in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with the highest sales estimate coming in at $19.44 million and the lowest estimate coming in at $16.99 million. Rigel Pharmaceuticals posted sales of $81.02 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 77.2%. The company is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Rigel Pharmaceuticals will report full-year sales of $87.67 million for the current year, with estimates ranging from $82.81 million to $93.25 million. For the next year, analysts anticipate that the business will post sales of $114.56 million, with estimates ranging from $100.23 million to $129.61 million. Zacks’ sales averages are an average based on a survey of research firms that cover Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGLGet Rating) last announced its earnings results on Tuesday, March 1st. The biotechnology company reported ($0.13) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.13). Rigel Pharmaceuticals had a negative return on equity of 31.64% and a negative net margin of 12.00%. The business had revenue of $20.41 million during the quarter, compared to the consensus estimate of $21.20 million.

Several research firms recently commented on RIGL. Zacks Investment Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 20th. B. Riley initiated coverage on Rigel Pharmaceuticals in a report on Wednesday, March 23rd. They issued a “neutral” rating and a $4.00 target price for the company. Finally, StockNews.com initiated coverage on Rigel Pharmaceuticals in a report on Thursday, March 31st. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.67.

NASDAQ RIGL traded down $0.15 during mid-day trading on Wednesday, hitting $2.92. The stock had a trading volume of 1,029,679 shares, compared to its average volume of 1,907,336. The firm’s 50 day moving average is $2.88 and its 200 day moving average is $2.90. Rigel Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $4.62. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.43 and a quick ratio of 2.33. The stock has a market capitalization of $501.32 million, a price-to-earnings ratio of -26.55 and a beta of 1.42.

A number of institutional investors have recently made changes to their positions in RIGL. Invesco Ltd. raised its position in Rigel Pharmaceuticals by 0.3% in the 3rd quarter. Invesco Ltd. now owns 5,180,947 shares of the biotechnology company’s stock valued at $18,807,000 after purchasing an additional 16,187 shares in the last quarter. Rock Springs Capital Management LP raised its position in shares of Rigel Pharmaceuticals by 0.8% during the 3rd quarter. Rock Springs Capital Management LP now owns 4,793,400 shares of the biotechnology company’s stock worth $17,400,000 after acquiring an additional 38,500 shares in the last quarter. Millennium Management LLC raised its position in shares of Rigel Pharmaceuticals by 12.3% during the 4th quarter. Millennium Management LLC now owns 4,546,869 shares of the biotechnology company’s stock worth $12,049,000 after acquiring an additional 496,945 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Rigel Pharmaceuticals by 11.1% during the 4th quarter. Nuveen Asset Management LLC now owns 4,509,682 shares of the biotechnology company’s stock worth $11,951,000 after acquiring an additional 451,499 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,105,540 shares of the biotechnology company’s stock worth $11,273,000 after acquiring an additional 126,414 shares in the last quarter. Institutional investors own 80.08% of the company’s stock.

About Rigel Pharmaceuticals (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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