Rigel Pharmaceuticals Earnings: Here’s Why Investors Like These Results
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.51%.
Rigel Pharmaceuticals, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-26 in the quarter versus EPS of $-0.35 in the year-earlier quarter.
Revenue: Decreased 6.67% to $1.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rigel Pharmaceuticals, Inc. reported adjusted EPS loss of $26 per share. By that measure, the company missed the mean analyst estimate of $-0.3. It beat the average revenue estimate of $0.
Quoting Management: “This quarter we expect to announce a decision about our future plans for fostamatanib as well as the results of our Phase 2 study with R343 in allergic asthma,” said James M. Gower, chairman and chief executive officer of Rigel. “We also expect to report Phase 2 data with R333 in discoid lupus later in the fall.”
Key Stats (on next page)…
Revenue decreased 0% from $0 in the previous quarter. EPS increased to $-26 in the quarter versus EPS of $-0.29 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.31 to a loss $0.29. For the current year, the average estimate has moved down from a loss of $0.87 to a loss of $1.15 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)