Zacks: Analysts Expect Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Will Announce Quarterly Sales of $17.60 Million

Analysts forecast that Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will report sales of $17.60 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Rigel Pharmaceuticals’ earnings. The highest sales estimate is $19.07 million and the lowest is $16.27 million. Rigel Pharmaceuticals reported sales of $20.86 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 15.6%. The business is scheduled to report its next earnings report on Tuesday, November 3rd.

On average, analysts expect that Rigel Pharmaceuticals will report full-year sales of $109.66 million for the current year, with estimates ranging from $105.40 million to $115.29 million. For the next financial year, analysts anticipate that the firm will report sales of $101.21 million, with estimates ranging from $78.10 million to $127.67 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Rigel Pharmaceuticals.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $16.02 million during the quarter, compared to the consensus estimate of $14.28 million. Rigel Pharmaceuticals had a negative net margin of 23.16% and a negative return on equity of 37.85%. During the same period last year, the firm earned ($0.12) EPS.

RIGL has been the subject of a number of analyst reports. BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 28th. Zacks Investment Research cut shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Rigel Pharmaceuticals in a research report on Thursday, July 9th. ValuEngine cut shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Finally, Citigroup increased their target price on shares of Rigel Pharmaceuticals from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $6.55.

Shares of NASDAQ:RIGL traded up $0.04 during midday trading on Monday, reaching $2.31. 2,013,172 shares of the company’s stock were exchanged, compared to its average volume of 3,934,579. The company’s 50 day simple moving average is $2.41 and its two-hundred day simple moving average is $2.04. The firm has a market capitalization of $390.23 million, a PE ratio of -16.50 and a beta of 1.41. Rigel Pharmaceuticals has a 12 month low of $1.23 and a 12 month high of $5.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.21 and a current ratio of 3.25.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP boosted its stake in shares of Rigel Pharmaceuticals by 5.8% in the 2nd quarter. Two Sigma Advisers LP now owns 855,891 shares of the biotechnology company’s stock valued at $1,566,000 after purchasing an additional 47,200 shares during the last quarter. Two Sigma Securities LLC bought a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at about $68,000. Principal Financial Group Inc. boosted its stake in shares of Rigel Pharmaceuticals by 211.3% in the 2nd quarter. Principal Financial Group Inc. now owns 147,317 shares of the biotechnology company’s stock valued at $269,000 after purchasing an additional 99,993 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 26.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 763,328 shares of the biotechnology company’s stock valued at $1,397,000 after purchasing an additional 160,593 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rigel Pharmaceuticals by 3.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 416,793 shares of the biotechnology company’s stock valued at $763,000 after purchasing an additional 13,689 shares during the last quarter. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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

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