Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Rating) – Investment analysts at Cantor Fitzgerald lifted their FY2022 earnings per share (EPS) estimates for shares of Rigel Pharmaceuticals in a report released on Wednesday, August 3rd. Cantor Fitzgerald analyst K. Kluska now forecasts that the biotechnology company will earn ($0.52) per share for the year, up from their previous forecast of ($0.53). Cantor Fitzgerald has a “Neutral” rating and a $1.00 price objective on the stock. The consensus estimate for Rigel Pharmaceuticals’ current full-year earnings is ($0.52) per share. Cantor Fitzgerald also issued estimates for Rigel Pharmaceuticals’ FY2023 earnings at ($0.31) EPS.
Several other analysts also recently commented on RIGL. HC Wainwright reduced their price objective on Rigel Pharmaceuticals from $11.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, June 8th. B. Riley dropped their target price on Rigel Pharmaceuticals from $4.00 to $1.25 and set a “neutral” rating on the stock in a research report on Thursday, June 9th. Piper Sandler cut Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $7.00 to $1.00 in a research report on Wednesday, June 8th. BMO Capital Markets dropped their target price on Rigel Pharmaceuticals from $7.00 to $3.00 in a research report on Thursday, June 9th. Finally, Citigroup cut Rigel Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $7.00 to $0.80 in a research report on Thursday, June 9th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.34.
Rigel Pharmaceuticals Stock Up 5.6 %
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). The company had revenue of $16.74 million for the quarter, compared to analysts’ expectations of $18.49 million. Rigel Pharmaceuticals had a negative net margin of 95.51% and a negative return on equity of 406.57%. During the same period in the prior year, the company earned $0.22 earnings per share.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. Lido Advisors LLC increased its holdings in Rigel Pharmaceuticals by 7.6% in the 1st 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 in the last quarter. Teacher Retirement System of Texas increased its holdings in Rigel Pharmaceuticals by 20.9% in the 4th quarter. Teacher Retirement System of Texas now owns 32,961 shares of the biotechnology company’s stock valued at $87,000 after purchasing an additional 5,701 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Rigel Pharmaceuticals by 8.9% in the 1st quarter. Qube Research & Technologies Ltd now owns 112,005 shares of the biotechnology company’s stock valued at $335,000 after purchasing an additional 9,189 shares in the last quarter. Strs Ohio increased its holdings in Rigel Pharmaceuticals by 6.0% in the 2nd quarter. Strs Ohio now owns 163,200 shares of the biotechnology company’s stock valued at $184,000 after purchasing an additional 9,200 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in Rigel Pharmaceuticals in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 80.33% of the company’s stock.
Insider Buying and Selling
In related news, CEO Raul R. Rodriguez bought 1,000,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Thursday, June 9th. The shares were purchased at an average price of $0.69 per share, with a total value of $690,000.00. Following the purchase, the chief executive officer now owns 1,391,776 shares in the company, valued at $960,325.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.43% of the company’s stock.
About Rigel Pharmaceuticals
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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