Zacks: Brokerages Anticipate Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Quarterly Sales of $22.78 Million

Equities research analysts expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGLGet Rating) to post sales of $22.78 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Rigel Pharmaceuticals’ earnings. The lowest sales estimate is $20.64 million and the highest is $24.04 million. Rigel Pharmaceuticals reported sales of $26.27 million in the same quarter last year, which indicates a negative year-over-year growth rate of 13.3%. The business is scheduled to report its next earnings report on Monday, January 1st.

On average, analysts expect that Rigel Pharmaceuticals will report full-year sales of $85.40 million for the current year, with estimates ranging from $81.95 million to $92.70 million. For the next financial year, analysts forecast that the company will post sales of $119.72 million, with estimates ranging from $100.88 million to $149.45 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGLGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $16.74 million during the quarter, compared to the consensus estimate of $18.49 million. Rigel Pharmaceuticals had a negative net margin of 99.89% and a negative return on equity of 219.06%. During the same quarter in the prior year, the company posted $0.22 EPS.

A number of research firms recently commented on RIGL. initiated coverage on Rigel Pharmaceuticals in a report on Thursday, March 31st. They issued a “hold” rating for the company. B. Riley initiated coverage on Rigel Pharmaceuticals in a report on Wednesday, March 23rd. They issued a “neutral” rating and a $4.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $7.67.

Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in shares of Rigel Pharmaceuticals during the third quarter worth about $29,000. Eagle Asset Management Inc. acquired a new position in Rigel Pharmaceuticals during the fourth quarter valued at approximately $29,000. Royce & Associates LP acquired a new position in Rigel Pharmaceuticals during the fourth quarter valued at approximately $37,000. Sciencast Management LP acquired a new position in Rigel Pharmaceuticals during the first quarter valued at approximately $49,000. Finally, Cubist Systematic Strategies LLC boosted its position in Rigel Pharmaceuticals by 217.6% during the fourth quarter. Cubist Systematic Strategies LLC now owns 21,000 shares of the biotechnology company’s stock valued at $56,000 after purchasing an additional 14,388 shares during the last quarter. 80.33% of the stock is owned by institutional investors.

NASDAQ RIGL opened at $1.65 on Tuesday. The stock has a 50-day simple moving average of $2.43 and a 200 day simple moving average of $2.59. The company has a market capitalization of $283.89 million, a PE ratio of -3.37 and a beta of 1.50. The company has a current ratio of 2.35, a quick ratio of 2.23 and a debt-to-equity ratio of 4.39. Rigel Pharmaceuticals has a 12 month low of $1.62 and a 12 month high of $4.62.

About Rigel Pharmaceuticals (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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