Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Investment analysts at Piper Jaffray Companies reduced their FY2021 earnings per share (EPS) estimates for Rigel Pharmaceuticals in a note issued to investors on Tuesday, November 6th. Piper Jaffray Companies analyst C. Raymond now forecasts that the biotechnology company will earn $0.07 per share for the year, down from their previous forecast of $0.13. Piper Jaffray Companies also issued estimates for Rigel Pharmaceuticals’ FY2022 earnings at $0.38 EPS.
Several other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald reissued a “buy” rating and issued a $9.00 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 4th. Citigroup initiated coverage on Rigel Pharmaceuticals in a research report on Monday, August 27th. They issued a “buy” rating and a $8.50 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Rigel Pharmaceuticals in a research report on Thursday, August 9th. Finally, BidaskClub cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $7.59.
RIGL opened at $2.85 on Thursday. Rigel Pharmaceuticals has a 1-year low of $2.56 and a 1-year high of $4.71. The company has a market capitalization of $522.63 million, a PE ratio of -4.60 and a beta of 1.25.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $4.87 million during the quarter, compared to the consensus estimate of $3.52 million.
In other news, EVP Anne-Marie Duliege sold 153,000 shares of the stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $3.50, for a total value of $535,500.00. Following the completion of the sale, the executive vice president now directly owns 115,500 shares of the company’s stock, valued at $404,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nelson Cabatuan sold 10,000 shares of the company’s stock in a transaction on Friday, October 12th. The shares were sold at an average price of $3.12, for a total value of $31,200.00. Following the completion of the transaction, the insider now owns 58 shares of the company’s stock, valued at $180.96. The disclosure for this sale can be found here. Over the last three months, insiders bought 314,000 shares of company stock valued at $907,820 and sold 179,500 shares valued at $624,615. 5.38% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. MetLife Investment Advisors LLC raised its stake in shares of Rigel Pharmaceuticals by 53.0% in the second quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock valued at $287,000 after purchasing an additional 35,092 shares in the last quarter. UBS Group AG raised its stake in shares of Rigel Pharmaceuticals by 107.0% in the first quarter. UBS Group AG now owns 423,414 shares of the biotechnology company’s stock valued at $1,499,000 after purchasing an additional 218,868 shares in the last quarter. BlackRock Inc. raised its stake in shares of Rigel Pharmaceuticals by 20.9% in the second quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after purchasing an additional 2,312,498 shares in the last quarter. FMR LLC raised its stake in shares of Rigel Pharmaceuticals by 11.1% in the second quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after purchasing an additional 2,448,925 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Rigel Pharmaceuticals in the second quarter valued at $142,000. Institutional investors and hedge funds own 94.35% of the company’s stock.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.
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