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Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) Surprises Investors, Looks Strong In The Future

In the last trading session, 1.04 million Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) shares changed hands as the company’s beta touched 0.69. With the company’s per share price at $1.14 changed hands at $0.01 or 0.44% during last session, the market valuation stood at $197.90M. RIGL’s last price was a discount, traded about -78.95% off its 52-week high of $2.04. The share price had its 52-week low at $0.67, which suggests the last value was 41.23% up since then. When we look at Rigel Pharmaceuticals Inc.’s average trading volume, we note the 10-day average is 0.94 million shares, with the 3-month average coming to 1.25 million.

Analysts gave the Rigel Pharmaceuticals Inc. (RIGL) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.50. If we narrow down to specifics, the data shows that 0 out of 6 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 4 recommended RIGL as a Hold, 2 felt it is a Buy and 0 rated the stock as Underweight. Rigel Pharmaceuticals Inc.’s EPS for the current quarter is expected to be -$0.07.

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Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) trade information

Instantly RIGL was in green as seen at the end of in last trading. With action 4.59%, the performance over the past five days has been green. The jump to weekly highs of 1.1800 on Friday, 09/15/23 added 0.44% to the stock’s daily price. The company’s shares are showing year-to-date downside of -24.00%, with the 5-day performance at 4.59% in the green. Looking at the short shares, we see there were 3.72 million shares sold at short interest cover period of 3.13 days.

The consensus price target for the stock as assigned by Wall Street analysts is $4.18, meaning bulls need an upside of 72.73% from its current market value. According to analyst projections, RIGL’s forecast low is $1.30 with $15.00 as the target high. To hit the forecast high, the stock’s price needs a -1215.79% plunge from its current level, while the stock would need to soar -14.04% for it to hit the projected low.

Rigel Pharmaceuticals Inc. (RIGL) estimates and forecasts

Data shows that the Rigel Pharmaceuticals Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -29.63% over the past 6 months, a 23.53% in annual growth rate that is considerably higher than the industry average of 9.70%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Rigel Pharmaceuticals Inc. will rise 36.40%, while the growth in revenue is estimated to hit -800.00% for the next quarter. Year-over-year growth is forecast to reach -7.50% down from the last financial year.

Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $27.2 million. 5 analysts are of the opinion that Rigel Pharmaceuticals Inc.’s revenue for the quarter ending Dec 2023 will be $28.95 million. The company’s revenue for the corresponding quarters a year ago was $22.61 million and $51.28 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 20.30%. The estimates for the next quarter sales put growth at -43.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 11.30%. The 2023 estimates are for Rigel Pharmaceuticals Inc. earnings to decrease by -223.30%.

RIGL Dividends

Rigel Pharmaceuticals Inc. is expected to release its next quarterly earnings report in October.

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 1.44% of Rigel Pharmaceuticals Inc. shares while 65.92% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 66.87%. There are 65.92% institutions holding the Rigel Pharmaceuticals Inc. stock share, with Armistice Capital, LLC the top institutional holder. As of Jun 29, 2023, the company held 9.81% of the shares, roughly 17.1 million RIGL shares worth $22.06 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 8.38% or 14.62 million shares worth $18.86 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 5.16 million shares estimated at $6.65 million under it, the former controlled 2.96% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 2.20% of the shares, roughly 3.83 million shares worth around $5.29 million.

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