Jefferies Financial Group Comments on Rigel Pharmaceuticals, Inc.’s FY2021 Revenue (RIGL)

Jefferies Financial Group Comments on Rigel Pharmaceuticals, Inc.’s FY2021 Revenue (RIGL)

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) – Analysts at Jefferies Financial Group cut their FY2021 earnings per share estimates for Rigel Pharmaceuticals in a note issued to investors on Tuesday, November 6th. Jefferies Financial Group analyst E. Yang now anticipates that the biotechnology company will post earnings of $0.01 per share for the year, down from their previous estimate of $0.05. Jefferies Financial Group also issued estimates for Rigel Pharmaceuticals’ FY2022 earnings at $0.33 EPS.

A number of other research firms have also weighed in on RIGL. HC Wainwright set a $8.00 price target on shares of Rigel Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, October 5th. BidaskClub upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 5th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 4th. Cantor Fitzgerald reiterated a “buy” rating and issued a $9.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 3rd. Finally, ValuEngine upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $7.59.

RIGL opened at $3.12 on Thursday. The company has a market capitalization of $481.02 million, a price-to-earnings ratio of -5.03 and a beta of 1.25. Rigel Pharmaceuticals has a 1-year low of $2.56 and a 1-year high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million during the quarter, compared to the consensus estimate of $3.52 million.

In related news, EVP Anne-Marie Duliege sold 153,000 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $3.50, for a total transaction of $535,500.00. Following the completion of the transaction, the executive vice president now owns 115,500 shares in the company, valued at $404,250. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Raul R. Rodriguez bought 114,000 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were bought at an average price of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 314,000 shares of company stock valued at $907,820 and have sold 179,500 shares valued at $624,615. 5.38% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the stock. United Services Automobile Association boosted its position in shares of Rigel Pharmaceuticals by 4.3% during the second quarter. United Services Automobile Association now owns 396,267 shares of the biotechnology company’s stock worth $1,121,000 after acquiring an additional 16,400 shares during the last quarter. Rhumbline Advisers lifted its position in Rigel Pharmaceuticals by 16.3% during the second quarter. Rhumbline Advisers now owns 155,515 shares of the biotechnology company’s stock valued at $440,000 after purchasing an additional 21,745 shares during the last quarter. Lido Advisors LLC lifted its position in Rigel Pharmaceuticals by 45.8% during the second quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock valued at $228,000 after purchasing an additional 25,331 shares during the last quarter. MetLife Investment Advisors LLC lifted its position in Rigel Pharmaceuticals by 53.0% during the second quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock valued at $287,000 after purchasing an additional 35,092 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Rigel Pharmaceuticals by 2.1% during the first quarter. Northern Trust Corp now owns 1,776,443 shares of the biotechnology company’s stock valued at $6,289,000 after purchasing an additional 36,844 shares during the last quarter. Hedge funds and other institutional investors own 94.35% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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