SOUTH SAN FRANCISCO, Calif. (AP) _ Rigel Pharmaceuticals Inc. (RIGL) on Tuesday reported a loss of $17.6 million in its first quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of 11 cents.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The drug developer posted revenue of $12.6 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $12 million.
In the final minutes of trading on Tuesday, the company's shares hit $2.34. A year ago, they were trading at $3.82.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RIGL at https://www.zacks.com/ap/RIGL