Piper Jaffray Companies Analysts Boost Earnings Estimates for Rigel Pharmaceuticals, Inc. (RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Piper Jaffray Companies upped their FY2018 EPS estimates for Rigel Pharmaceuticals in a research report issued on Tuesday, November 6th. Piper Jaffray Companies analyst C. Raymond now anticipates that the biotechnology company will post earnings of ($0.44) per share for the year, up from their prior estimate of ($0.63). Piper Jaffray Companies also issued estimates for Rigel Pharmaceuticals’ Q4 2018 earnings at $0.02 EPS, Q1 2019 earnings at ($0.15) EPS, Q2 2019 earnings at ($0.14) EPS, Q3 2019 earnings at ($0.14) EPS, Q4 2019 earnings at ($0.12) EPS, FY2019 earnings at ($0.55) EPS and FY2020 earnings at ($0.24) EPS.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million during the quarter, compared to the consensus estimate of $3.52 million.

Several other equities analysts also recently weighed in on RIGL. BidaskClub downgraded Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, July 12th. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Cantor Fitzgerald reissued a “buy” rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 8th. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Rigel Pharmaceuticals in a research report on Thursday, August 9th. Finally, Citigroup started coverage on Rigel Pharmaceuticals in a research report on Monday, August 27th. They set a “buy” rating and a $8.50 target price on the stock. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $7.59.

NASDAQ RIGL opened at $3.08 on Friday. The company has a market cap of $481.02 million, a PE ratio of -4.97 and a beta of 1.25. Rigel Pharmaceuticals has a fifty-two week low of $2.56 and a fifty-two week high of $4.71.

In related news, insider Nelson Cabatuan sold 10,000 shares of the business’s stock in a transaction on Friday, October 12th. The stock was sold at an average price of $3.12, for a total transaction of $31,200.00. Following the completion of the transaction, the insider now owns 58 shares in the company, valued at approximately $180.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Anne-Marie Duliege sold 153,000 shares of the company’s 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 completion of the sale, the executive vice president now owns 115,500 shares of the company’s stock, valued at $404,250. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 314,000 shares of company stock valued at $907,820 and have sold 179,500 shares valued at $624,615. 5.38% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings 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 worth $69,440,000 after buying an additional 2,448,925 shares during the period. BlackRock Inc. lifted its holdings 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 worth $37,901,000 after buying an additional 2,312,498 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in shares of Rigel Pharmaceuticals by 44.5% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 2,268,000 shares of the biotechnology company’s stock worth $7,280,000 after buying an additional 698,000 shares during the period. Northern Trust Corp lifted its holdings in shares of Rigel Pharmaceuticals by 12.4% in the 2nd quarter. Northern Trust Corp now owns 1,996,369 shares of the biotechnology company’s stock worth $5,650,000 after buying an additional 219,926 shares during the period. Finally, Macquarie Group Ltd. lifted its holdings 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 worth $4,528,000 after buying an additional 700,000 shares during the period. 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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Earnings History and Estimates for Rigel Pharmaceuticals (NASDAQ:RIGL)

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