Rigel (RIGL)
NASDAQ:RIGL
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Rigel
(NASDAQ:RIGL)
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Rating:71Outperform
Price Target:
$36.00
▲(11.01% Upside)
Action:ReiteratedDate:04/01/26
The score is supported most by improving fundamentals (profitability, revenue growth, stronger cash generation and balance sheet) and very low P/E valuation. Offsetting this are weak technicals (downtrend and negative momentum signals) and earnings-quality/execution risks highlighted on the earnings call, including tax-benefit-driven GAAP income and potential non-recurring growth tailwinds.
Positive Factors
Revenue Growth Momentum
Sustained multi-product sales growth and a record quarter reflect durable commercial traction across the portfolio. Persistent demand scaling implies stronger market penetration, supports reinvestment in R&D and BD, and provides a revenue base to fund future launches and clinical programs over the next several years.
Negative Factors
Earnings Quality Risk
A very large noncash tax benefit drives reported GAAP profits, overstating operating profitability relative to cash flows. This creates a durability risk: if the tax benefit is nonrecurring or reversed, reported earnings could fall sharply, complicating forecasting and reducing the reliability of short‑term profitability metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
Sustained multi-product sales growth and a record quarter reflect durable commercial traction across the portfolio. Persistent demand scaling implies stronger market penetration, supports reinvestment in R&D and BD, and provides a revenue base to fund future launches and clinical programs over the next several years.
Read all positive factors
Rigel (RIGL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$592.25M
Dividend YieldN/A
Average Volume (3M)339.95K
Price to Earnings (P/E)2.1
Beta (1Y)1.95
Revenue Growth79.13%
EPS Growth2798.12%
CountryUS
Employees162
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)13.54
Shares Outstanding18,473,130
10 Day Avg. Volume370,554
30 Day Avg. Volume339,953
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 Cap1.03
Enterprise Value/Revenue2.08
Enterprise Value/Gross Profit2.23
Enterprise Value/Ebitda4.78
Forecast
1Y Price Target
$52.00Price Target Upside60.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.97
Revenue Forecast (FY)$284.13M
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:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call conveyed substantial progress: materially higher net product sales (232M, +60% YoY), strong Q4 growth (+41% YoY), profitable operations and a doubled cash position, alongside encouraging early clinical data for R289 with regulatory designations. However, several important caveats were emphasized: a large portion of reported GAAP net income resulted from a noncash deferred tax benefit, parts of 2025 growth were aided by one-time affordability and gross-to-net effects, and R289 efficacy data remain from a small, heavily pretreated cohort requiring confirmatory data. Management set conservative yet growth-positive 2026 guidance and outlined disciplined BD and clinical milestones. Balancing robust commercial momentum and promising early clinical signals versus accounting-driven income effects, one-time drivers, and clinical/BD execution risks, the overall tone is optimistic with measured caution.Positive Updates
Product-Level Sales Momentum
Q4 2025 sales by product: TAVALISSE $45.6M (+47% YoY), GAVRETO $10.2M (+27% YoY), REZLIDHIA $9.6M (+29% YoY).
Negative Updates
Net Income Driven by Noncash Tax Benefit
The large GAAP net income ($268.1M Q4; $367.0M full-year) was materially impacted by a noncash deferred income tax benefit (~$245.9M) from release of a valuation allowance, which inflates reported earnings but does not reflect operating cash generation.
Read all updates
Q4-2025 Updates
Positive
Negative
Product-Level Sales Momentum
Q4 2025 sales by product: TAVALISSE $45.6M (+47% YoY), GAVRETO $10.2M (+27% YoY), REZLIDHIA $9.6M (+29% YoY).
Read all positive updates
Company Guidance
Rigel guided 2026 total revenue of $275–$290 million, made up of net product sales of $255–$265 million and contract revenues of $20–$25 million, and expects to report positive net income while continuing to fund clinical programs; the midpoint net product sales of $260 million implies roughly a 35% CAGR since 2022. For context, Rigel delivered $232 million in net product sales in 2025 (+$87M, +60% vs. 2024), Q4 net product sales of $65.4 million (+41% YoY) (TAVALISSE $45.6M, +47%; GAVRETO $10.2M, +27%; REZLIDHIA $9.6M, +29%), Q4 total revenue of $69.8M, Q4 estimated discounts/gross‑to‑net allowances of $19M, ended 2025 with $155M in cash/cash equivalents/short‑term investments, and expects R289 dose‑selection in H2 2026 with dose‑expansion topline data by year‑end.Rigel Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 294.28M | 179.28M | 116.88M | 120.24M | 149.24M |
| Gross Profit | 274.66M | 160.63M | 109.77M | 118.49M | 148.15M |
| EBITDA | 127.88M | 28.51M | -16.98M | -53.87M | -11.29M |
| Net Income | 367.02M | 17.48M | -25.09M | -58.57M | -17.91M |
Balance Sheet | |||||
| Total Assets | 513.59M | 163.98M | 117.22M | 134.28M | 167.33M |
| Cash, Cash Equivalents and Short-Term Investments | 154.96M | 77.32M | 56.93M | 58.21M | 124.97M |
| Total Debt | 53.30M | 59.97M | 60.58M | 41.55M | 30.57M |
| Total Liabilities | 122.11M | 160.69M | 145.87M | 147.90M | 136.95M |
| Stockholders Equity | 391.48M | 3.29M | -28.64M | -13.62M | 30.37M |
Cash Flow | |||||
| Free Cash Flow | 75.66M | 31.07M | -20.74M | -74.21M | 5.25M |
| Operating Cash Flow | 75.66M | 31.47M | -5.74M | -73.76M | 5.88M |
| Investing Cash Flow | -92.36M | 4.13M | -4.30M | 72.78M | -80.04M |
| Financing Cash Flow | 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $592.25M | 2.10 | 240.83% | ― | 79.13% | 2798.12% | |
60 Neutral | $788.05M | ― | -41.94% | ― | 1255.21% | 74.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $556.00M | ― | -1849.88% | ― | 33.79% | -26.37% | |
46 Neutral | $366.26M | -2.24 | -33.20% | ― | -23.43% | -9.84% | |
45 Neutral | $483.14M | ― | -103.12% | ― | 91.30% | 30.69% |
* Healthcare Sector Average
RIGL
Rigel
32.43
15.50
91.55%
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Rigel Corporate Events
Executive/Board Changes
Rigel Pharmaceuticals Appoints Michael P. Miller to Board
Neutral
Feb 3, 2026
On February 1, 2026, Rigel Pharmaceuticals appointed Michael P. Miller to its board of directors, where he will serve in the director class whose term runs until the 2027 annual stockholders’ meeting and take a seat on the company’s Co...
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.