Rigel Pharmaceuticals (NASDAQ:RIGL) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Rigel Pharmaceuticals (NASDAQ:RIGL) announced its quarterly earnings results on Tuesday. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02), RTT News reports. The company had revenue of $29.53 million for the quarter, compared to the consensus estimate of $31.28 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $1.02 on Friday. The firm’s fifty day moving average is $1.29 and its 200-day moving average is $1.21. Rigel Pharmaceuticals has a 52 week low of $0.71 and a 52 week high of $1.96. The firm has a market cap of $178.91 million, a P/E ratio of -8.50 and a beta of 1.06.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIGL. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday. StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup boosted their target price on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Cantor Fitzgerald boosted their target price on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. Finally, B. Riley reissued a “neutral” rating and set a $1.25 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.81.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.