Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) stock jumped 0.44% on Friday to $1.14 against a previous-day closing price of $1.13. With 1.04 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.25 million shares. The 52-week range on RIGL shows that it touched its highest point at $2.04 and its lowest point at $0.67 during that stretch. It currently has a 1-year price target of $4.17. Beta for the stock currently stands at 0.69.
Price Performance and Earnings:
Three-month performance dropped to -30.91% while six-month performance fell -29.63%. The stock lost -10.94% in the past year, while it has lost -24.00% so far this year. A look at the trailing 12-month EPS for RIGL yields -0.22 with Next year EPS estimates of -0.14. For the next quarter, that number is -0.07. This implies an EPS growth rate of -223.30% for this year and 46.20% for next year.
Float and Shares Shorts:
At present, 173.75 million RIGL shares are outstanding with a float of 171.87 million shares on hand for trading. On Aug 14, 2023, short shares totaled 3.72 million, which was 2.13% higher than short shares on Jul 13, 2023. In addition to Mr. Raul R. Rodriguez as the firm’s Pres, CEO & Director, Mr. Dean L. Schorno CPA serves as its Exec. VP & CFO.
Through their ownership of 65.92% of RIGL’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 44.40% of RIGL, in contrast to 20.57% held by mutual funds. Shares owned by individuals account for 12.38%. As the largest shareholder in RIGL with 9.81% of the stake, Armistice Capital LLC holds 17,100,000 shares worth 17,100,000. A second-largest stockholder of RIGL, Soleus Capital Management LP, holds 14,178,015 shares, controlling over 8.13% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in RIGL, holding 12,182,885 shares or 6.99% stake. With a 2.96% stake in RIGL, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 5,156,463 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.16% of RIGL stock, is the second-largest Mutual Fund holder. It holds 3,768,964 shares valued at 4.3 million. Vanguard Extended Market Index Fu holds 1.37% of the stake in RIGL, owning 2,396,416 shares worth 2.73 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, RIGL reported revenue of $29.82M and operating income of -$12.96M. The EBITDA in the recently reported quarter was -$12.69M and diluted EPS was -$0.08.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RIGL since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RIGL analysts setting a high price target of $15.00 and a low target of $1.30, the average target price over the next 12 months is $4.18. Based on these targets, RIGL could surge 1215.79% to reach the target high and rise by 14.04% to reach the target low. Reaching the average price target will result in a growth of 266.67% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded RIGL stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 10 while that of sell transactions has risen to 3 over the past year. The total number of shares bought during that period was 618,000 while 16,166 shares were sold.