Analysts Expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Post Quarterly Sales of $18.49 Million

Brokerages expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGLGet Rating) to post $18.49 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Rigel Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $16.99 million and the highest estimate coming in at $19.44 million. Rigel Pharmaceuticals posted sales of $81.02 million in the same quarter last year, which suggests a negative year over year growth rate of 77.2%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, 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 fiscal year, analysts forecast that the company 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 analysts 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, meeting the Thomson Reuters’ consensus estimate of ($0.13). The company had revenue of $20.41 million during the quarter, compared to the consensus estimate of $21.20 million. Rigel Pharmaceuticals had a negative net margin of 12.00% and a negative return on equity of 31.64%.

RIGL has been the subject of a number of research analyst reports. B. Riley initiated coverage on shares of Rigel Pharmaceuticals in a report on Wednesday, March 23rd. They issued a “neutral” rating and a $4.00 price target for the company. Zacks Investment Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 20th. Finally, StockNews.com assumed coverage on Rigel Pharmaceuticals in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.67.

A number of institutional investors have recently added to or reduced their stakes in the business. Metropolitan Life Insurance Co NY boosted its position in Rigel Pharmaceuticals by 9.5% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 47,630 shares of the biotechnology company’s stock worth $126,000 after purchasing an additional 4,119 shares in the last quarter. Legal & General Group Plc boosted its position in Rigel Pharmaceuticals by 6.6% in the 4th quarter. Legal & General Group Plc now owns 67,210 shares of the biotechnology company’s stock worth $179,000 after purchasing an additional 4,156 shares in the last quarter. Mackenzie Financial Corp boosted its position in Rigel Pharmaceuticals by 25.2% in the 3rd quarter. Mackenzie Financial Corp now owns 20,700 shares of the biotechnology company’s stock worth $75,000 after purchasing an additional 4,169 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in Rigel Pharmaceuticals by 14.2% in the 4th quarter. BNP Paribas Arbitrage SA now owns 34,536 shares of the biotechnology company’s stock worth $92,000 after purchasing an additional 4,296 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in Rigel Pharmaceuticals by 21.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 27,260 shares of the biotechnology company’s stock worth $99,000 after purchasing an additional 4,906 shares in the last quarter. Institutional investors and hedge funds own 80.08% of the company’s stock.

Shares of RIGL opened at $2.52 on Wednesday. The company has a market cap of $433.41 million, a price-to-earnings ratio of -22.91 and a beta of 1.42. Rigel Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $4.62. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.66. The company has a 50 day moving average of $2.94 and a two-hundred day moving average of $2.84.

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

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