Analysts Offer Predictions for Rigel Pharmaceuticals, Inc.’s Q2 2023 Earnings (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) – Stock analysts at B. Riley issued their Q2 2023 EPS estimates for Rigel Pharmaceuticals in a research report issued to clients and investors on Wednesday, March 8th. B. Riley analyst K. Patel expects that the biotechnology company will earn ($0.08) per share for the quarter. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.41) per share. B. Riley also issued estimates for Rigel Pharmaceuticals’ Q3 2023 earnings at ($0.07) EPS, Q4 2023 earnings at ($0.06) EPS, FY2023 earnings at ($0.31) EPS, FY2024 earnings at ($0.15) EPS, FY2025 earnings at ($0.05) EPS, FY2026 earnings at $0.02 EPS and FY2027 earnings at $0.09 EPS.

RIGL has been the subject of several other research reports. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, January 5th. Citigroup increased their target price on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Thursday. Finally, HC Wainwright restated a “buy” rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Rigel Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $4.21.

Rigel Pharmaceuticals Stock Down 5.7 %

Shares of RIGL stock opened at $1.59 on Friday. Rigel Pharmaceuticals has a 12-month low of $0.64 and a 12-month high of $3.52. The firm has a fifty day moving average of $1.64 and a 200-day moving average of $1.26. The company has a market capitalization of $275.24 million, a price-to-earnings ratio of -4.66 and a beta of 0.75.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last issued its quarterly earnings data on Tuesday, March 7th. The biotechnology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.08. Rigel Pharmaceuticals had a negative net margin of 48.71% and a negative return on equity of 2,419.00%. The company had revenue of $51.28 million during the quarter, compared to the consensus estimate of $37.55 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share.

Institutional Trading of Rigel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Lido Advisors LLC raised its position in shares of Rigel Pharmaceuticals by 7.6% in the first quarter. Lido Advisors LLC now owns 69,105 shares of the biotechnology company’s stock valued at $206,000 after purchasing an additional 4,854 shares during the period. Russell Investments Group Ltd. increased its position in Rigel Pharmaceuticals by 4.2% during the fourth quarter. Russell Investments Group Ltd. now owns 155,689 shares of the biotechnology company’s stock worth $234,000 after acquiring an additional 6,224 shares during the period. Dynamic Advisor Solutions LLC increased its position 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 period. Mackenzie Financial Corp increased its position in Rigel Pharmaceuticals by 74.9% during the second quarter. Mackenzie Financial Corp now owns 34,933 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 14,964 shares during the period. Finally, Alliancebernstein L.P. increased its position in Rigel Pharmaceuticals by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 310,140 shares of the biotechnology company’s stock worth $465,000 after acquiring an additional 15,700 shares during the period. Institutional investors and hedge funds 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.