Why Rigel Pharmaceuticals Stock Is Rocketing Higher Today

Rigel Pharmaceuticals Inc RIGL shares are on the move Wednesday after the company reported fourth-quarter results well above analyst expectations.

What Happened: Rigel reported fourth-quarter revenues of $51.3 million, which beat consensus estimates of $27.97 million, according to Benzinga Pro. The company reported quarterly earnings of 1 cent per share, which beat estimates for a loss of 11 cents per share.

Total costs and expenses came in at $49.2 million for the fourth quarter, up from $41.8 million year-over-year due to an increase in personnel-related costs and commercial expenses, as well as higher research and development costs.

"We are focused on continuing the successful launch of REZLIDHIA in R/R AML, driving sales growth for TAVALISSE in ITP, and advancing our development programs. In 2023, we look forward to further expanding our hematology-oncology portfolio and clinical pipeline," said Raul Rodriguez, president and CEO of Rigel Pharmaceuticals. 

Following the print, HC Wainwright & Co analyst Joseph Pantginis reiterated Rigel with a Buy rating and maintained a $15 price target, which is significantly higher than where the stock is currently trading. 

Rigel develops small-molecule drugs for autoimmune, cancer-related, and viral diseases.

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RIGL Price Action: Rigel has a 52-week high of $3.51 and a 52-week low of 64 cents.

The stock was up 26.5% at $1.86 at the time of writing, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.