Analysts Offer Predictions for Rigel Pharmaceuticals, Inc.’s Q1 2023 Earnings (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) – Equities research analysts at B. Riley issued their Q1 2023 earnings per share estimates for Rigel Pharmaceuticals in a research note issued on Wednesday, March 8th. B. Riley analyst K. Patel forecasts that the biotechnology company will post earnings per share of ($0.09) for the quarter. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.41) per share.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last released its earnings results on Tuesday, March 7th. The biotechnology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.08. The business had revenue of $51.28 million for the quarter, compared to the consensus estimate of $37.55 million. Rigel Pharmaceuticals had a negative return on equity of 2,419.00% and a negative net margin of 48.71%. During the same quarter last year, the business posted ($0.13) earnings per share.

Several other equities analysts also recently weighed in on RIGL. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, January 5th. Finally, Citigroup lifted their price objective on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “buy” rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.21.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $1.68 on Thursday. The company has a market cap of $290.37 million, a PE ratio of -4.94 and a beta of 0.75. The stock’s 50 day simple moving average is $1.64 and its 200-day simple moving average is $1.26. Rigel Pharmaceuticals has a 1-year low of $0.64 and a 1-year high of $3.52.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Bayesian Capital Management LP purchased a new position in Rigel Pharmaceuticals during the third quarter worth approximately $25,000. State of Wyoming acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth $33,000. Dynamic Advisor Solutions LLC increased its stake in Rigel Pharmaceuticals by 39.9% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 22,800 shares of the biotechnology company’s stock worth $34,000 after acquiring an additional 6,500 shares during the last quarter. UBS Group AG acquired a new stake in Rigel Pharmaceuticals during the fourth quarter worth $35,000. Finally, Balyasny Asset Management LLC acquired a new stake in Rigel Pharmaceuticals during the third quarter worth $34,000. Hedge funds and other institutional investors own 73.88% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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Rigel Pharmaceuticals, Inc operates as a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. The firm focuses on intracellular signalling pathways and related targets that are critical to disease mechanisms.