Rigel (RIGL)
NASDAQ:RIGL
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Rigel
(NASDAQ:RIGL)
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Rating:74Outperform
Price Target:
$36.00
▲(11.01% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by the sharp financial turnaround (strong revenue growth, profitability and positive free cash flow) and a generally positive earnings outlook with maintained 2026 guidance. Offsetting factors include earnings/cash flow durability questions, mixed technical signals (negative MACD and below longer-term averages), and only moderate valuation support.
Positive Factors
Revenue & Profitability Turnaround
A ~186% TTM revenue surge together with very strong recent operating and net margins indicates durable commercial traction for Rigel’s marketed therapies. This shift from prior losses to sustained profitability supports reinvestment in sales, R&D and disciplined BD over the next 2–6 months.
Negative Factors
Earnings Quality Mismatch
Operating cash flow materially lags reported profitability, suggesting earnings are influenced by non-cash items or timing. If cash conversion weakens in tougher quarters, reported profits may not translate to free cash for operations or BD, challenging sustainability of margins and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Profitability Turnaround
A ~186% TTM revenue surge together with very strong recent operating and net margins indicates durable commercial traction for Rigel’s marketed therapies. This shift from prior losses to sustained profitability supports reinvestment in sales, R&D and disciplined BD over the next 2–6 months.
Read all positive factors
Rigel (RIGL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$536.75M
Dividend YieldN/A
Average Volume (3M)342.08K
Price to Earnings (P/E)14.4
Beta (1Y)1.93
Revenue Growth47.61%
EPS Growth854.73%
CountryUS
Employees162
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)20.07
Shares Outstanding18,502,080
10 Day Avg. Volume412,362
30 Day Avg. Volume342,078
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.97
Price to Sales (P/S)2.62
P/FCF Ratio10.18
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue1.86
Enterprise Value/Gross Profit1.99
Enterprise Value/Ebitda4.25
Forecast
1Y Price Target
$54.00Price Target Upside66.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.99
Revenue Forecast (FY)$282.83M
Rigel Business Overview & Revenue Model
Company Description
Rigel Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the trea...
How the Company Makes Money
Rigel makes money primarily from (1) net product sales of TAVALISSE in the United States, where it commercializes the drug and recognizes revenue from sales to wholesalers/specialty distributors and other customers, net of typical biopharma deduct...
Rigel Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveys a generally positive commercial and strategic outlook: strong top-line product growth (26% YoY overall; 31% YoY for TAVALISSE and REZLIDHIA), clear 2026 guidance and a pathway to full-year profitability, alongside promising early clinical data for R289 and expanded international partner revenues. Offsetting risks include rising operating expenses, a modest decline in quarterly net income and cash, seasonal Q1 reimbursement headwinds, a slower-growing GAVRETO franchise, and the termination of the Lilly collaboration for the RIPK1 asset (creating program-level uncertainty). On balance, the highlights—robust product sales growth, maintained guidance, pipeline progress and improved financing flexibility—outweigh the lowlights.Positive Updates
Strong Quarterly Net Product Sales Growth
Net product sales of $54.9M in Q1 2026, up 26% year-over-year (+$11.3M vs Q1 2025), driven by across‑portfolio strength and improving demand in March.
Negative Updates
Decline in Quarterly Net Income
Net income was $8.7M in Q1 2026, down from $11.4M in Q1 2025 (≈23.7% decrease year-over-year), reflecting higher operating costs despite revenue growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Net Product Sales Growth
Net product sales of $54.9M in Q1 2026, up 26% year-over-year (+$11.3M vs Q1 2025), driven by across‑portfolio strength and improving demand in March.
Read all positive updates
Company Guidance
Management reiterated 2026 guidance for total revenues of $275–$290 million, comprising net product sales of $255–$265 million and contract revenues of $20–$25 million, and affirmed their expectation to deliver positive net income for the full year. In Q1 they reported total revenue of $58.8M (net product sales $54.9M, +26% YoY) including TAVALISSE $37.3M (+31%), GAVRETO $9.6M (+7%) and REZLIDHIA $8.0M (+31%), plus $3.9M collaboration revenue; net product sales were recorded net of $20.5M of discounts/allowances. Q1 cost of product sales was ~$4.6M, total costs and expenses were $46.9M (vs. $40.6M prior year), income before taxes $11.7M and net income $8.7M (vs. $11.4M). Balance sheet and financing items noted: cash, cash equivalents and short‑term investments of $146.7M (down from $155.0M at 12/31/25), repayment of a $40M term loan and establishment of a $40M revolving credit facility (option to increase to $60M) with $8M drawn; guidance excludes any assumed revenues from the Lilly collaboration.Rigel Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 299.77M | 294.28M | 179.28M | 116.88M | 120.24M | 149.24M |
| Gross Profit | 279.95M | 274.66M | 160.63M | 109.77M | 118.49M | 148.15M |
| EBITDA | 131.28M | 131.56M | 28.51M | -16.98M | -53.87M | -11.29M |
| Net Income | 364.23M | 367.02M | 17.48M | -25.09M | -58.57M | -17.91M |
Balance Sheet | ||||||
| Total Assets | 504.61M | 513.59M | 163.98M | 117.22M | 134.28M | 167.33M |
| Cash, Cash Equivalents and Short-Term Investments | 146.68M | 154.96M | 77.32M | 56.93M | 58.21M | 124.97M |
| Total Debt | 45.72M | 53.30M | 59.97M | 60.58M | 41.55M | 30.57M |
| Total Liabilities | 104.71M | 122.11M | 160.69M | 145.87M | 147.90M | 136.95M |
| Stockholders Equity | 399.90M | 391.48M | 3.29M | -28.64M | -13.62M | 30.37M |
Cash Flow | ||||||
| Free Cash Flow | 79.27M | 75.66M | 31.07M | -20.74M | -74.21M | 5.25M |
| Operating Cash Flow | 79.27M | 75.66M | 31.47M | -5.74M | -73.76M | 5.88M |
| Investing Cash Flow | -89.79M | -92.36M | 4.13M | -4.30M | 72.78M | -80.04M |
| Financing Cash Flow | -10.80M | 601.00K | -11.64M | 18.37M | 6.55M | 62.67M |
Rigel Technical Analysis
Positive
32.43
Price Trends
30.43
Positive
36.15
Negative
33.58
Negative
Market Momentum
0.62
Negative
65.31
Neutral
91.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIGL, the sentiment is Positive. The current price of 32.43 is above the 20-day moving average (MA) of 28.40, above the 50-day MA of 30.43, and below the 200-day MA of 33.58, indicating a neutral trend. The MACD of 0.62 indicates Negative momentum. The RSI at 65.31 is Neutral, neither overbought nor oversold. The STOCH value of 91.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RIGL.
Rigel Risk Analysis
Rigel disclosed 59 risk factors in its most recent earnings report. Rigel reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rigel Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $536.75M | 14.38 | 147.03% | ― | 47.61% | 854.73% | |
55 Neutral | $990.56M | -149.66 | -18.64% | ― | 123.12% | 86.10% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $310.20M | -1.33 | -35.74% | ― | 146.03% | -0.87% | |
48 Neutral | $295.71M | -1.22 | -232.50% | ― | -43.96% | -78.31% | |
45 Neutral | $379.61M | -3.56 | -486.41% | ― | 395.85% | 21.44% |
* Healthcare Sector Average
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Rigel Corporate Events
Business Operations and StrategyProduct-Related Announcements
Rigel Secures Global Rights to VEPPANU Breast Cancer Therapy
Positive
May 12, 2026
On May 11, 2026, Rigel Pharmaceuticals entered into a license agreement with Arvinas and Pfizer to obtain exclusive worldwide rights to develop, manufacture and commercialize VEPPANU (vepdegestrant) and related products, consolidating Rigel’...
Business Operations and Strategy
Rigel Regains Rights as Eli Lilly Ends Collaboration
Negative
Apr 21, 2026
On April 16, 2026, Rigel Pharmaceuticals received notice that Eli Lilly is terminating their 2021 license and collaboration agreement, which will become effective June 15, 2026. The deal had granted Lilly exclusive global rights to develop and com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.