Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Stock analysts at Jefferies Financial Group raised their FY2018 earnings per share (EPS) estimates for Rigel Pharmaceuticals in a report issued on Tuesday, November 6th. Jefferies Financial Group analyst E. Yang now anticipates that the biotechnology company will post earnings of ($0.43) per share for the year, up from their prior forecast of ($0.65). Jefferies Financial Group also issued estimates for Rigel Pharmaceuticals’ Q4 2018 earnings at $0.03 EPS, Q1 2019 earnings at ($0.15) EPS, Q2 2019 earnings at ($0.14) EPS, Q3 2019 earnings at ($0.11) EPS, Q4 2019 earnings at ($0.10) EPS, FY2019 earnings at ($0.50) EPS and FY2020 earnings at ($0.30) EPS.
Several other research firms also recently issued reports on RIGL. Citigroup initiated coverage on Rigel Pharmaceuticals in a report on Monday, August 27th. They set a “buy” rating and a $8.50 price objective on the stock. HC Wainwright set a $8.00 price target on Rigel Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, October 5th. BidaskClub raised Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 5th. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 4th. One 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. The company currently has an average rating of “Buy” and a consensus price target of $7.59.
NASDAQ:RIGL opened at $2.85 on Friday. Rigel Pharmaceuticals has a 52-week low of $2.56 and a 52-week high of $4.71. The firm has a market cap of $522.63 million, a price-to-earnings 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 (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million for the quarter, compared to analyst estimates of $3.52 million.
In other news, EVP Anne-Marie Duliege sold 153,000 shares of the stock in a transaction 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 transaction, the executive vice president now owns 115,500 shares of the company’s stock, valued at approximately $404,250. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nelson Cabatuan sold 10,000 shares of the 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 directly owns 58 shares in the company, valued at approximately $180.96. The disclosure for this sale can be found here. In the last three months, insiders bought 314,000 shares of company stock worth $907,820 and sold 179,500 shares worth $624,615. Corporate insiders own 5.38% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RIGL. FMR LLC increased its position in shares of Rigel Pharmaceuticals by 11.1% in the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after buying an additional 2,448,925 shares in the last quarter. BlackRock Inc. increased its position in shares of Rigel Pharmaceuticals by 20.9% in the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after buying an additional 2,312,498 shares in the last quarter. Stonepine Capital Management LLC bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at $4,235,000. Sio Capital Management LLC bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter valued at $3,958,000. Finally, Macquarie Group Ltd. increased its position in shares of Rigel Pharmaceuticals by 77.8% in the 2nd quarter. Macquarie Group Ltd. now owns 1,600,000 shares of the biotechnology company’s stock valued at $4,528,000 after buying an additional 700,000 shares in the last quarter. 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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