Rigel Pharmaceuticals (NASDAQ:RIGL) Announces Quarterly Earnings Results

by · The Markets Daily

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) announced its quarterly earnings results on Tuesday. The biotechnology company reported $13.54 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $12.37, FiscalAI reports. Rigel Pharmaceuticals had a return on equity of 204.70% and a net margin of 40.17%.The firm had revenue of $69.80 million for the quarter, compared to analyst estimates of $68.70 million.

Rigel Pharmaceuticals Stock Down 4.6%

Shares of RIGL stock traded down $1.60 on Tuesday, hitting $33.02. The stock had a trading volume of 414,933 shares, compared to its average volume of 361,259. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.28 and a quick ratio of 2.14. The stock has a market cap of $599.31 million, a price-to-earnings ratio of 5.35 and a beta of 1.10. The business has a 50 day moving average of $37.98 and a 200 day moving average of $37.48. Rigel Pharmaceuticals has a 12-month low of $15.50 and a 12-month high of $52.24.

Analyst Upgrades and Downgrades

RIGL has been the subject of a number of recent analyst reports. Zacks Research raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Cantor Fitzgerald lifted their price objective on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.20.

View Our Latest Stock Report on Rigel Pharmaceuticals

Insider Activity at Rigel Pharmaceuticals

In related news, Director Walter H. Moos sold 4,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $36.36, for a total value of $145,440.00. Following the sale, the director owned 12,722 shares of the company’s stock, valued at approximately $462,571.92. The trade was a 23.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Rigel Pharmaceuticals by 400.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 1,020 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at $62,000. Wexford Capital LP bought a new stake in shares of Rigel Pharmaceuticals in the third quarter worth about $66,000. Legal & General Group Plc increased its stake in shares of Rigel Pharmaceuticals by 130.7% during the second quarter. Legal & General Group Plc now owns 4,310 shares of the biotechnology company’s stock valued at $81,000 after buying an additional 2,442 shares during the period. Finally, Truvestments Capital LLC raised its holdings in shares of Rigel Pharmaceuticals by 120.3% during the fourth quarter. Truvestments Capital LLC now owns 2,207 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 1,205 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

(Get Free Report)

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).

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