Rigel (RIGL) AI Stock Analysis

• Market Cap: $479.38M
• Dividend Yield: N/A
• Average Volume (3M): 353.35K
• Price to Earnings (P/E): 2.1
• Beta (1Y): 2.06
• Revenue Growth: 79.13%
• EPS Growth: 2798.12%
• Country: US
• Employees: 162
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 13.54
• Shares Outstanding: 18,473,130
• 10 Day Avg. Volume: 511,783
• 30 Day Avg. Volume: 353,346
• PEG Ratio: <0.01
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 2.62
• P/FCF Ratio: 10.18
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 1.67
• Enterprise Value/Gross Profit: 1.79
• Enterprise Value/Ebitda: 3.85
• 1Y Price Target: $52.00
• Price Target Upside: 95.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 3.97
• Revenue Forecast (FY): $279.31M

• Rating: 73 Outperform
• Price Target: $33.00 ▲(24.06% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is driven primarily by a strong fundamental turnaround (profitability, revenue growth, healthier balance sheet, and improved cash generation) and very attractive headline valuation (low P/E). These positives are partially offset by weak technicals (price below key moving averages and negative MACD) and some sustainability risk from unusually high 2025 profitability versus cash flow.

Positive Factors

Strong commercial revenue growth and raised guidance

Sustained, large topline growth and an upward guidance revision reflect durable commercial traction for core products. A multi-product sales base driving recurring revenue supports medium-term revenue visibility and funds reinvestment in R&D and commercialization over the next 2–6 months.

Stronger cash generation and improved capitalization

Material improvement in cash reserves and consistent positive operating/free cash flow after years of burn increases financial flexibility. This reduces near-term financing risk, supports ongoing commercialization and trials, and makes the balance sheet resilient over a multimonth horizon.

Progressing pipeline and strategic collaborations

Clinical signals from R289 and active collaborations (olutasidenib/pralsetinib) broaden future commercial optionality beyond the current product base. Meaningful pipeline advancement and partner programs increase the chance of durable franchise expansion and revenue diversification over coming quarters.

Negative Factors

Earnings quality and volatility concerns

A material disconnect between 2025 net income and cash conversion raises the risk that profitability reflects non-recurring items or accounting timing. If earnings quality is weak, reported profits may reverse or prove less sustainable, undermining medium-term cash-backed profitability narratives.

Balance-sheet sensitivity from large equity swings

Significant equity volatility implies capital structure metrics can change quickly from revaluations or financings, limiting predictability of leverage and covenants. This sensitivity can constrain strategic moves or force dilutive financing if commercial performance softens in the medium term.

Regulatory safety update for a marketed oncology product

A newly applied boxed warning materially raises prescribing scrutiny and potential restriction for GAVRETO, which can reduce uptake and increase monitoring costs. Regulatory headwinds for a marketed oncology drug can dampen revenue growth and margin sustainability over ensuing quarters.

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 treatment of adult patients with chronic immune thrombocytopenia. It also develops Fostamatinib that is in phase III clinical trial for the treatment of warm autoimmune hemolytic anemia; phase III clinical trial for the treatment of hospitalized COVID-19 patients; and phase III clinical trial for the treatment of COVID-19. In addition, the company is developing R289, an oral interleukin receptor associated kinase 1/4 inhibitor, which is in phase I clinical trial for autoimmune, inflammatory, and hematology-oncology diseases; and R552, a receptor-interacting serine/threonine-protein kinase 1 inhibitor that has completed phase I clinical trial for autoimmune and inflammatory diseases. It has research and license agreements with AstraZeneca AB for the development and commercialization of R256, an inhaled JAK inhibitor; BerGenBio AS for the development and commercialization of AXL inhibitors in oncology; and Daiichi Sankyo to develop murine double minute 2 inhibitors for solid and hematological malignancies, as well as license and supply agreement with Kissei Pharmaceutical Co., Ltd. to develop and commercialize Fostamatinib. The company also has a license agreement and strategic collaboration with Eli Lilly and Company to co-develop and commercialize R552 for various indications, including autoimmune and inflammatory diseases, as well as other non-central nervous system (non-CNS) disease development candidates. Rigel Pharmaceuticals, Inc. was incorporated in 1996 and is headquartered in South San Francisco, California.

How the Company Makes Money

Rigel generates revenue primarily through the commercialization of its pharmaceutical products, including royalties and product sales from its approved therapies. Key revenue streams also include milestone payments from partnerships with larger pharmaceutical companies, which may involve collaborations for the development and marketing of its drug candidates. The company may receive funding from government grants or research institutions focusing on innovative medical treatments. Additionally, Rigel's financial performance is bolstered by strategic partnerships and collaborations that enhance its research capabilities and market reach, allowing it to leverage its proprietary technologies and drug development expertise.

Rigel Financial Statement Overview

Summary

Financials reflect a clear turnaround: sharp revenue acceleration into 2025, a shift to profitability in 2024–2025, very strong gross margins, improved capitalization, and sustained positive operating cash flow/free cash flow in the last two years. The main risk is earnings quality/volatility—2025 net income appears unusually high versus prior margins and versus cash generation, and the balance sheet shows large year-to-year equity swings.

Income Statement

Rigel shows a meaningful operating turnaround with strong top-line momentum: revenue accelerated sharply in 2025 (annual report) versus 2024, and profitability inflected from losses in 2021–2023 to positive results in 2024–2025. Gross profit margins remain very high throughout the period, supporting strong incremental profitability. The key watchout is volatility/quality of earnings: net margin in 2025 (annual report) is exceptionally high relative to historical levels, suggesting results may be influenced by non-recurring items, and margins have been inconsistent across years.

Balance Sheet

Leverage and capitalization improved dramatically in 2025 (annual report), with low debt relative to equity and a much larger equity base versus 2024. This is a major step up from prior years where equity was very thin (2024) or negative (2022–2023), which had created elevated balance-sheet risk and distorted leverage measures. Debt is modest in absolute terms, but the large year-to-year swing in equity suggests the balance sheet may be sensitive to revaluations, financing activity, or one-time events.

Cash Flow

Cash generation strengthened materially: operating cash flow and free cash flow are solidly positive in 2024–2025 (annual reports) after significant cash burn in 2020–2023. Free cash flow growth is positive in both 2024 and 2025, indicating improving cash conversion and spending discipline. The main weakness is that cash flow coverage versus earnings is not consistently strong across the history (including negative operating cash flow in multiple years), and 2025 net income appears outsized relative to cash generation, which raises some quality-of-earnings questions.

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

• Technical Analysis Sentiment: Negative
• Last Price: 26.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIGL, the sentiment is Negative. The current price of 26.6 is below the 20-day moving average (MA) of 32.59, below the 50-day MA of 35.91, and below the 200-day MA of 32.58, indicating a bearish trend. The MACD of -2.42 indicates Positive momentum. The RSI at 23.56 is Positive, neither overbought nor oversold. The STOCH value of 3.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RIGL.

Rigel Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RIGL	73 Outperform	$479.38M	2.10	240.83%	―	79.13%	2798.12%
LXRX	60 Neutral	$716.02M	-8.29	-41.94%	―	1255.21%	74.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VSTM	49 Neutral	$491.88M	-2.55	-1849.88%	―	33.79%	-26.37%
RGNX	45 Neutral	$442.32M	-3.83	-103.12%	―	91.30%	30.69%
BCYC	44 Neutral	$331.58M	-2.27	-35.54%	―	-23.43%	-9.84%

Rigel Corporate Events

Rigel Pharmaceuticals Appoints Michael P. Miller to Board

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 Compensation Committee. Miller will receive Rigel’s standard non-employee director compensation package, including prorated annual cash retainers for board and committee service, an initial option grant to purchase 12,000 shares under the company’s equity incentive plan, and future annual equity awards, along with standard indemnification; the board has deemed him independent, with no related-party, familial, or special appointment arrangements disclosed, underscoring Rigel’s adherence to governance and compliance norms for board composition.

The most recent analyst rating on (RIGL) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Rigel stock, see the RIGL Stock Forecast page.

Rigel Announces Strong Preliminary 2025 Results and Outlook

On January 12, 2026, Rigel reported strong preliminary 2025 results, with fourth-quarter total revenue expected at $69.8 million, up from $57.6 million a year earlier, and full-year revenue projected at $294.3 million versus $179.3 million in 2024, driven by 60% growth in net product sales to $232.0 million and a doubling of cash and investments to about $154.6 million. The company highlighted continued profitability, robust commercial momentum across TAVALISSE, GAVRETO and REZLIDHIA, and advancing clinical programs, including encouraging Phase 1b data for R289 in lower-risk myelodysplastic syndrome, new data and studies for olutasidenib and pralsetinib, and an FDA-approved boxed warning update for GAVRETO, while guiding to 2026 revenue of $275–$290 million and signaling confidence in sustained growth and an expanding oncology and hematology franchise.

The most recent analyst rating on (RIGL) stock is a Buy with a $47.00 price target. To see the full list of analyst forecasts on Rigel stock, see the RIGL Stock Forecast page.

Rigel Pharmaceuticals Reports Promising Phase 1b Study Results

On December 7, 2025, Rigel Pharmaceuticals announced updated data from its ongoing Phase 1b study of R289, an oral prodrug, in patients with relapsed or refractory lower-risk myelodysplastic syndrome (MDS). The study, presented at the 67th ASH Annual Meeting, showed that R289 was generally well tolerated and demonstrated preliminary efficacy, with 33% of evaluable transfusion-dependent patients achieving red blood cell transfusion independence. These results underscore the potential of R289 as a treatment option for lower-risk MDS patients, with further clinical trials anticipated in the second half of 2026.

The most recent analyst rating on (RIGL) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Rigel stock, see the RIGL Stock Forecast page.