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

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) posted its earnings results on Tuesday. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02), RTT News reports. The business had revenue of $29.53 million during the quarter, compared to analysts' expectations of $31.28 million. During the same period in the previous year, the company earned ($0.08) EPS.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL traded down $0.20 during mid-day trading on Wednesday, reaching $0.99. 3,539,150 shares of the stock were exchanged, compared to its average volume of 1,330,607. The stock has a market cap of $174.05 million, a P/E ratio of -6.61 and a beta of 1.06. The stock has a 50 day simple moving average of $1.31 and a 200-day simple moving average of $1.21. Rigel Pharmaceuticals has a one year low of $0.71 and a one year high of $1.96.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Citigroup raised their price objective on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a "buy" rating in a report on Thursday, March 7th. Cantor Fitzgerald lifted their price target 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. StockNews.com downgraded Rigel Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Thursday, April 4th. HC Wainwright reaffirmed a "buy" rating and set a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday. Finally, B. Riley reissued a "neutral" rating and issued a $1.25 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Rigel Pharmaceuticals currently has an average rating of "Hold" and an average 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.