Rigel Pharmaceuticals, Inc. Expected to Post FY2024 Earnings of $0.05 Per Share (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL - Free Report) - Equities research analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for Rigel Pharmaceuticals in a note issued to investors on Wednesday, May 8th. Cantor Fitzgerald analyst K. Kluska now anticipates that the biotechnology company will post earnings of $0.05 per share for the year, up from their prior forecast of $0.04. Cantor Fitzgerald has a "Neutral" rating and a $3.00 price target on the stock. The consensus estimate for Rigel Pharmaceuticals' current full-year earnings is ($0.05) per share.

Other equities analysts have also issued reports about the stock. StockNews.com upgraded shares of Rigel Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Thursday. HC Wainwright reiterated a "buy" rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday. Citigroup upped their price objective on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a "buy" rating in a research note on Thursday, March 7th. Finally, B. Riley reiterated a "neutral" rating and set a $1.25 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.81.

Rigel Pharmaceuticals Price Performance

Shares of RIGL traded down $0.04 during mid-day trading on Friday, reaching $0.98. The company's stock had a trading volume of 996,774 shares, compared to its average volume of 1,633,484. The company's 50 day moving average is $1.28 and its 200 day moving average is $1.21. The stock has a market cap of $172.66 million, a PE ratio of -6.56 and a beta of 1.06. Rigel Pharmaceuticals has a 12-month low of $0.71 and a 12-month high of $1.96.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last issued its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The company had revenue of $29.53 million for the quarter, compared to analysts' expectations of $31.28 million. During the same period in the prior year, the firm posted ($0.08) EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RIGL. SG Americas Securities LLC increased its holdings in shares of Rigel Pharmaceuticals by 57.7% in the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 18,180 shares during the period. Principal Financial Group Inc. increased its stake in Rigel Pharmaceuticals by 22.0% in the 3rd quarter. Principal Financial Group Inc. now owns 121,938 shares of the biotechnology company's stock valued at $132,000 after buying an additional 21,962 shares during the period. Allspring Global Investments Holdings LLC raised its position in Rigel Pharmaceuticals by 28.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 105,067 shares of the biotechnology company's stock worth $113,000 after buying an additional 23,526 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company's stock worth $374,000 after acquiring an additional 49,223 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in shares of Rigel Pharmaceuticals by 1.7% in the third quarter. Acadian Asset Management LLC now owns 4,660,740 shares of the biotechnology company's stock valued at $5,033,000 after acquiring an additional 79,228 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

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.