Boston, MA 03/07/2014 (wallstreetpr) – Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the subject of a surge in the market after registering a narrower loss for its fourth quarter. Immediately after the announcement the company’s shares surged by a high of 10.8%.
Rigel Pharmaceuticals saw its fourth quarter net loss clock in at 19 cents per share against Zacks consensus estimates of 24 cents. This was a massive improvement considering the company registered a net loss of 30 cents for the same quarter a year ago.
Rigel Pharmaceuticals Revenue
Rigel Pharmaceuticals generated total revenues amounting to $5.8 million for the fourth quarter that toppled Zacks consensus estimates of $2 million, total revenues was made solely of contract revenues
Rigel Pharmaceuticals expenses
Research and development expenses came in at $18 million for the fourth quarter a drop of 8.7% compared to the same quarter a year ago. The drop in the research and development expenses was mainly as a result of the completion of phase II study of asthma pill R343. Stock based and bonus compensation expenses dropped, in the quarter. General and administrative expenses for the quarter came in at $4.6 million a drop of 20.6% compared to the same quarter a year ago.
Rigel Pharmaceuticals has also announced plans to restart the development of fostamatinib a pill used for treating patients suffering from immune thrombocytopenic condition.
Full year results
Rigel Pharmaceuticals full year net loss beat consensus estimates coming in at $1 per share against set estimates of $1.05 per share. This was slightly lower compared to a net loss of $1.32 reported in F2012. Full year revenues also beat consensus estimates of $3 million coming in at $7.2 million
Rigel Pharmaceuticals is currently rated as a “Buy” by research analysts at Jefferies Group with a share price target of $10.
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) surged further in Thursday trading session moving up by $10.24% to close the day at a high of $4.52
