Rigel Pharmaceuticals Up 6.76% To $1.58 After Earnings Beat

Rigel Pharmaceuticals Inc (RIGL) surpassed earnings projections on 3/5/2024 for Q4 2023.

reported that it broke-even during the quarter.

Consensus estimates for Rigel Pharmaceuticals revenue averaged out to $34.1 million, with the business managing to beat those expectations with reported fourth-quarter revenue of $35.8 million. The $1.7 million (5%) positive revenue surprise led to negative 30% growth year-over-year as the firm reported revenue of $51.3 million in its year-ago quarter. The higher earnings growth compared to revenue points to Rigel Pharmaceuticals improving its profit margin.

The stock is up 6.76% to $1.58 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 64. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Rigel Pharmaceuticals Inc develops small-molecule drugs for autoimmune, cancer-related, and viral diseases. The firm's lead drug is an oral rheumatoid arthritis drug candidate that has been licensed to AstraZeneca. Astra has taken overall responsibility to develop and market the drug and will pay Rigel royalties and milestone payments. Its pipeline product includes TAVALISSE (fostamatinib disodium hexahydrate) tablets, the only oral spleen tyrosine kinase (SYK) inhibitor, Fostamatinib, R552, R835, DS-3032, THF-beta Inhibitors, and AZD0449- Inhaled JAK Inhibitor.