Brokers Set Expectations for Rigel Pharmaceuticals, Inc.’s FY2017 Earnings (RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Research analysts at Cantor Fitzgerald issued their FY2017 EPS estimates for Rigel Pharmaceuticals in a research note issued on Monday. Cantor Fitzgerald analyst E. Piros anticipates that the biotechnology company will post earnings of ($0.57) per share for the year. Cantor Fitzgerald has a “Overweight” rating and a $6.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Rigel Pharmaceuticals’ FY2018 earnings at ($0.65) EPS.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $0.90 million during the quarter. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The company’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.24) EPS.

A number of other analysts have also recently commented on RIGL. Jefferies Group reiterated a “buy” rating and set a $5.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 5th. ValuEngine cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 6th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, September 20th. BMO Capital Markets restated a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, November 6th. Two analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $5.45.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) opened at $3.35 on Wednesday. Rigel Pharmaceuticals has a 52-week low of $1.94 and a 52-week high of $4.47.

In other news, CFO Ryan D. Maynard sold 100,000 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction of $390,000.00. Following the completion of the sale, the chief financial officer now owns 100,000 shares in the company, valued at approximately $390,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.21% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. AXA purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth about $122,000. Voya Investment Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 30.4% during the 2nd quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock worth $146,000 after purchasing an additional 12,500 shares during the period. SG Americas Securities LLC grew its holdings in shares of Rigel Pharmaceuticals by 415.2% during the 3rd quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock worth $151,000 after purchasing an additional 47,872 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth about $193,000. Finally, State of Wisconsin Investment Board purchased a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth about $232,000. Institutional investors and hedge funds own 74.51% of the company’s stock.

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About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

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

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