Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) – Jefferies Financial Group lowered their Q2 2022 earnings per share (EPS) estimates for Rigel Pharmaceuticals in a research report issued on Tuesday, May 3rd. Jefferies Financial Group analyst E. Yang now expects that the biotechnology company will earn ($0.12) per share for the quarter, down from their previous forecast of ($0.08). Jefferies Financial Group also issued estimates for Rigel Pharmaceuticals’ Q3 2022 earnings at ($0.14) EPS, Q4 2022 earnings at ($0.13) EPS, FY2022 earnings at ($0.55) EPS, FY2023 earnings at ($0.12) EPS and FY2024 earnings at $0.07 EPS.
Other analysts have also issued research reports about the company. Zacks Investment Research raised Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Thursday, January 20th. B. Riley started coverage on Rigel Pharmaceuticals in a research report on Wednesday, March 23rd. They set a “neutral” rating and a $4.00 target price on the stock. Finally, StockNews.com started coverage on Rigel Pharmaceuticals in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Rigel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $7.67.
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Rigel Pharmaceuticals had a negative return on equity of 171.83% and a negative net margin of 99.89%. During the same period in the prior year, the business posted $0.22 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co NY lifted its position in shares of Rigel Pharmaceuticals by 17.7% in the third quarter. Metropolitan Life Insurance Co NY now owns 43,511 shares of the biotechnology company’s stock valued at $158,000 after acquiring an additional 6,541 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at about $779,000. Marshall Wace LLP purchased a new position in shares of Rigel Pharmaceuticals in the third quarter valued at about $251,000. Telemetry Investments L.L.C. lifted its position in shares of Rigel Pharmaceuticals by 53.1% in the third quarter. Telemetry Investments L.L.C. now owns 122,500 shares of the biotechnology company’s stock valued at $445,000 after acquiring an additional 42,500 shares in the last quarter. Finally, Summit Global Investments purchased a new position in shares of Rigel Pharmaceuticals in the third quarter valued at about $801,000. Institutional investors own 80.33% 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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