# Rigel Pharmaceuticals, Inc. (RIGL)

> Source: Nexqual · https://nexqual.com/RIGL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Rigel Pharmaceuticals, Inc. (RIGL), nexqual.com/RIGL" · informational, not investment advice.

**Price:** USD 51.45 (+1.40% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 50.74 · day 50.24–51.6 · 52w 24.95–52.24 · market cap $961M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $277M, net income $322M (116.3% margin) (SEC filings).
- Valuation: P/E 3.0x (avg 9.6x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $160K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (5 analysts), mean target USD 63 (range 43–85).
- Total return with dividends: 1Y +60.5% vs S&P 500 +14.8%; 5Y +53.1% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.96, revenue estimate $80.1M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: RIGL paid no cash dividend in the last five years.
- Short interest: 15.02% of float (as of 2026-10-15), 11.4 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $149M | $120M | $117M | $179M | $294M | $277M |
| Gross profit | $148M | $118M | $110M | $161M | $275M | — |
| Operating income | -$12.5M | -$55.5M | -$20.5M | $24.2M | $125M | $87.0M |
| Net income | -$17.9M | -$58.6M | -$25.1M | $17.5M | $367M | $322M |
| EPS (diluted) | -$1.10 | -$3.44 | -$1.44 | $0.99 | $19.48 | — |
| Free cash flow | $5.3M | -$74.2M | — | — | — | — |
| Gross margin | 99.3% | 98.5% | 93.9% | 89.6% | 93.3% | — |
| Operating margin | -8.4% | -46.2% | -17.5% | 13.5% | 42.6% | 31.5% |
| Net margin | -12.0% | -48.7% | -21.5% | 9.8% | 124.7% | 116.3% |
| Revenue growth | +37.4% | -19.4% | -2.8% | +53.4% | +64.1% | — |
| Cash + short-term investments | $125M | $58.2M | $56.9M | $77.3M | $155M | — |
| Total debt | $20.0M | $40.0M | $60.0M | $60.0M | $52.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.0x · P/S 3.5x · P/B 2.3x · Earnings yield 33.49%
P/E at fiscal year-ends: Dec 2025 2.2x, Dec 2024 17.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-22 | Ali-Jackson Kamil | Director | 2,500 | $88K | 19.8% | Yes (adopted November 7, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Ali-Jackson Kamil | Director | 2,500 | $73K | 16.5% | Yes (adopted November 7, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 5 analysts; mean target USD 63 (low 43, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | HC Wainwright & Co. | Reiterated | Buy | $85 |
| 2026-08-17 | Piper Sandler | Target raised | Neutral | $40 → $49 |
| 2026-08-14 | HC Wainwright & Co. | Target raised | Buy | $57 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +60.5% | +53.1% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +60.9% | +8.9% |
| Volatility (annualized) | 60.6% | 89.4% |
| Max drawdown | -50.1% (Nov 2025→Mar 2026) | -80.6% (Mar 2022→Jun 2022) |

## Dividends
RIGL paid no cash dividend in the last five years.

## Short interest
2,732,739 shares sold short, 15.02% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,191,811 shares (-14.4%). Days to cover: 11.4 (short shares ÷ average daily volume).

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · IOVA (Iovance Biotherapeutics, Inc.) USD 9.56 -35.45% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/RIGL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gross product sales | $88.5M | 112.4% | +11.0% |
| Product sales, net | $67.0M | 85.1% | +13.7% |
| Contract revenues from collaborations and other | $11.7M | 14.9% | -72.7% |
| Delivery of drug supplies, royalties and others | $7.7M | 9.8% | +179.0% |
| Development Milestones | $4.0M | 5.1% | — |
| Total revenue | $78.7M | 100% | — |
The lines above cover 227.3% of total revenue.

## Customer concentration

Period ended 2026-06-30: 46%, 21%, 0% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "Outlook: Total revenues of approximately $285 to $295 million, which includes net product sales, excluding VEPPANU, of $255 to $265 million and contract revenues from collaborations of approximately $30 million • Conference call and webcast scheduled today at 4:30 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.96 | $1.22 | -20.8% | $80.1M | 4 |
| Next quarter (ends 2026-12-31) | $1.04 | $1.23 | -15.7% | $88.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $3.54 | $2.89 | +22.5% | $305.7M | 4 |
| Next fiscal year (ends 2027-12-31) | $4.94 | $4.83 | +2.2% | $372.8M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.88 | −$0.08 | Beat +$0.96 | — |
| — | Quarter ended Mar 31, 2026 | $0.44 | $0.87 | Miss −49.4% | — |
| — | Quarter ended Dec 31, 2025 | $1.12 | $1.20 | Miss −6.7% | — |
| — | Quarter ended Sep 30, 2025 | $1.46 | $0.94 | Beat +55.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | Armistice Capital, LLC, Steven Boyd: 8.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1034842/000117266126003612/0001172661-26-003612-index.htm |
| 2026-08-13 | Schedule 13G/A | Soleus Capital Master Fund, L.P., Soleus Capital, LLC: 9.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1034842/000121390026088747/0001213900-26-088747-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1034842/000103484226000053/0001034842-26-000053-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1034842/000103484226000052/0001034842-26-000052-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.