Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to Post Q3 2023 Earnings of ($0.07) Per Share, HC Wainwright Forecasts

Posted by on Aug 5th, 2023

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Free Report) – Investment analysts at HC Wainwright boosted their Q3 2023 earnings per share estimates for Rigel Pharmaceuticals in a research report issued to clients and investors on Wednesday, August 2nd. HC Wainwright analyst J. Pantginis now forecasts that the biotechnology company will post earnings per share of ($0.07) for the quarter, up from their prior forecast of ($0.08). HC Wainwright has a “Buy” rating and a $15.00 price objective on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.30) per share. HC Wainwright also issued estimates for Rigel Pharmaceuticals’ FY2023 earnings at ($0.25) EPS and FY2024 earnings at ($0.10) EPS.

Separately, StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $5.75.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $1.22 on Friday. The business’s 50-day simple moving average is $1.41 and its 200-day simple moving average is $1.44. Rigel Pharmaceuticals has a one year low of $0.67 and a one year high of $2.04. The stock has a market capitalization of $212.72 million, a P/E ratio of -5.55 and a beta of 0.69.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last posted its earnings results on Tuesday, August 1st. The biotechnology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The firm had revenue of $26.89 million for the quarter, compared to analyst estimates of $26.02 million. During the same quarter last year, the firm posted ($0.08) EPS.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RIGL. State Street Corp increased its position in Rigel Pharmaceuticals by 218.2% in the 2nd quarter. State Street Corp now owns 23,945,568 shares of the biotechnology company’s stock valued at $27,058,000 after acquiring an additional 16,421,362 shares during the period. Armistice Capital LLC increased its position in Rigel Pharmaceuticals by 391.1% in the 4th quarter. Armistice Capital LLC now owns 16,956,000 shares of the biotechnology company’s stock valued at $25,434,000 after acquiring an additional 13,503,126 shares during the period. Assenagon Asset Management S.A. increased its position in Rigel Pharmaceuticals by 177.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,624,538 shares of the biotechnology company’s stock valued at $4,676,000 after acquiring an additional 2,317,250 shares during the period. Two Sigma Advisers LP boosted its holdings in Rigel Pharmaceuticals by 517.3% in the 3rd quarter. Two Sigma Advisers LP now owns 1,948,291 shares of the biotechnology company’s stock valued at $2,299,000 after purchasing an additional 1,632,700 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Rigel Pharmaceuticals by 198.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,204,420 shares of the biotechnology company’s stock worth $3,307,000 after buying an additional 1,466,160 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

About Rigel Pharmaceuticals

(Get Free Report)

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.

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

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