Jefferies Group Weighs in on Rigel Pharmaceuticals, Inc.’s FY2017 Earnings (RIGL)
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Research analysts at Jefferies Group lifted their FY2017 earnings estimates for Rigel Pharmaceuticals in a note issued to investors on Tuesday. Jefferies Group analyst E. Yang now expects that the biotechnology company will post earnings per share of ($0.56) for the year, up from their previous estimate of ($0.59). Jefferies Group has a “Buy” rating and a $5.00 price target on the stock. Jefferies Group also issued estimates for Rigel Pharmaceuticals’ Q4 2017 earnings at ($0.13) EPS, FY2018 earnings at ($0.50) EPS, FY2019 earnings at ($0.36) EPS, FY2020 earnings at ($0.10) EPS and FY2021 earnings at $0.15 EPS.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 102.26%. The firm had revenue of $0.90 million for the quarter. During the same period in the previous year, the firm earned ($0.24) EPS. The firm’s quarterly revenue was down 76.1% on a year-over-year basis.
Other research analysts also recently issued research reports about the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a research report on Saturday. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Rigel Pharmaceuticals in a research report on Monday, November 6th. ValuEngine downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $5.31.
Rigel Pharmaceuticals (NASDAQ:RIGL) opened at $3.85 on Friday. Rigel Pharmaceuticals has a 12-month low of $1.94 and a 12-month high of $4.33.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Macquarie Group Ltd. lifted its stake in shares of Rigel Pharmaceuticals by 19.3% in the 2nd quarter. Macquarie Group Ltd. now owns 635,000 shares of the biotechnology company’s stock valued at $1,734,000 after purchasing an additional 102,792 shares during the period. Marshall Wace North America L.P. raised its position in Rigel Pharmaceuticals by 0.5% during the second quarter. Marshall Wace North America L.P. now owns 1,988,193 shares of the biotechnology company’s stock worth $5,965,000 after acquiring an additional 9,867 shares during the period. Candriam Luxembourg S.C.A. raised its position in Rigel Pharmaceuticals by 8.8% during the second quarter. Candriam Luxembourg S.C.A. now owns 1,180,000 shares of the biotechnology company’s stock worth $3,222,000 after acquiring an additional 95,000 shares during the period. Paulson & CO. Inc. raised its position in Rigel Pharmaceuticals by 20.4% during the second quarter. Paulson & CO. Inc. now owns 662,056 shares of the biotechnology company’s stock worth $1,807,000 after acquiring an additional 112,056 shares during the period. Finally, Geode Capital Management LLC raised its position in Rigel Pharmaceuticals by 32.9% during the first quarter. Geode Capital Management LLC now owns 1,012,241 shares of the biotechnology company’s stock worth $3,350,000 after acquiring an additional 250,569 shares during the period. Hedge funds and other institutional investors own 76.29% of the company’s stock.
In related news, CFO Ryan D. Maynard sold 100,000 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $390,000.00. Following the completion of the transaction, the chief financial officer now directly owns 100,000 shares in the company, valued at approximately $390,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.21% of the company’s stock.
Rigel Pharmaceuticals Company Profile
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.
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