Earnings Estimates Moving Higher for Rigel (RIGL): Time to Buy?

Core Viewpoint - Rigel Pharmaceuticals (RIGL) shows potential as a strong investment opportunity due to significant revisions in earnings estimates, indicating an improving earnings outlook [1][2]. Estimate Revisions - Analysts have become increasingly optimistic about Rigel's earnings prospects, as reflected in the upward trend of estimate revisions, which typically correlate with stock price movements [2]. - The consensus earnings estimate for the current quarter is projected at $0.43 per share, representing a year-over-year decline of 38.6%. However, this estimate has increased by 68.32% over the last 30 days, with two upward revisions and no negative changes [6]. - For the full year, the earnings estimate is expected to be $3.87 per share, reflecting a substantial increase of 290.9% from the previous year. Over the past month, three estimates have been raised, with no downward revisions [7]. Zacks Rank - Rigel has achieved a Zacks Rank 1 (Strong Buy), which is based on favorable estimate revisions. This ranking is associated with a strong historical performance, with Zacks 1 stocks averaging a 25% annual return since 2008 [3][8]. - Stocks with Zacks Rank 1 and 2 (Buy) have been shown to significantly outperform the S&P 500 [8]. Stock Performance - Rigel's shares have increased by 55.3% over the past four weeks, indicating strong investor confidence driven by the positive estimate revisions [9].