Rigel Pharmaceuticals (RIGL) Q3 Earnings and Revenues Top Estimates

Company Performance - Rigel Pharmaceuticals reported quarterly earnings of $0.70 per share, significantly exceeding the Zacks Consensus Estimate of $0.01 per share, compared to a loss of $0.30 per share a year ago, representing an earnings surprise of 6,900% [1] - The company posted revenues of $55.31 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 35.92%, and showing an increase from $28.13 million in the same quarter last year [2] - Over the last four quarters, Rigel has surpassed consensus EPS estimates three times and has topped consensus revenue estimates three times as well [2] Market Performance - Rigel shares have increased approximately 4% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $45.95 million, and for the current fiscal year, it is -$0.72 on revenues of $151.6 million [7] Industry Outlook - The Medical - Drugs industry, to which Rigel belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Rigel's stock performance [5][6]