Rigel Pharmaceuticals Inc. [RIGL] Stock trading around $0.70 per share: What’s Next?


Rigel Pharmaceuticals Inc. [NASDAQ: RIGL] stock went on a downward path that fall over -60.20% on Wednesday, amounting to a one-week price decrease of less than -59.74%. The company report on June 8, 2022 that Rigel Announces Top-line Results from FORWARD Phase 3 Clinical Trial of Fostamatinib in Patients with Warm Autoimmune Hemolytic Anemia.

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Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced top-line efficacy and safety data from the FORWARD Phase 3 clinical trial, a global, multi-center, randomized, double-blind, placebo-controlled trial of fostamatinib in patients with warm autoimmune hemolytic anemia (wAIHA). The trial did not demonstrate statistical significance in the primary efficacy endpoint of durable hemoglobin response in the overall study population. In a post-hoc regional analysis of U.S., Canadian, Australian, and Western European trial sites, patients treated with fostamatinib had a favorable durable hemoglobin response compared to placebo, whereas in the Eastern European trial sites patients did not. Rigel plans to continue analyzing the data to understand the geographical differences in patient disease characteristics and outcomes and discuss these findings with the U.S. Food and Drug Administration (FDA).

Over the last 12 months, RIGL stock dropped by -82.87%. The one-year Rigel Pharmaceuticals Inc. stock forecast points to a potential upside of 90.2. The average equity rating for RIGL stock is currently 1.90, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $117.68 million, with 171.77 million shares outstanding and 171.15 million shares in the current float. Compared to the average trading volume of 1.93M shares, RIGL stock reached a trading volume of 60671600 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Rigel Pharmaceuticals Inc. [RIGL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIGL shares is $7.14 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIGL stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Piper Sandler have made an estimate for Rigel Pharmaceuticals Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 08, 2022. While these analysts kept the previous recommendation, Cantor Fitzgerald dropped their target price from $6 to $1. The new note on the price target was released on June 08, 2022, representing the official price target for Rigel Pharmaceuticals Inc. stock. Previously, the target price had yet another raise to $4, while B. Riley Securities analysts kept a Neutral rating on RIGL stock.

The Average True Range (ATR) for Rigel Pharmaceuticals Inc. is set at 0.22, with the Price to Sales ratio for RIGL stock in the period of the last 12 months amounting to 1.38. The Price to Book ratio for the last quarter was 17.51, with the Price to Cash per share for the same quarter was set at 0.64.

RIGL Stock Performance Analysis:

Rigel Pharmaceuticals Inc. [RIGL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -59.74. With this latest performance, RIGL shares dropped by -64.44% in over the last four-week period, additionally sinking by -73.26% over the last 6 months – not to mention a drop of -82.87% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIGL stock in for the last two-week period is set at 19.42, with the RSI for the last a single of trading hit 15.20, and the three-weeks RSI is set at 23.29 for Rigel Pharmaceuticals Inc. [RIGL]. The present Moving Average for the last 50 days of trading for this stock 2.3784, while it was recorded at 1.4941 for the last single week of trading, and 2.8714 for the last 200 days.

Insight into Rigel Pharmaceuticals Inc. Fundamentals:

Rigel Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.30.

Rigel Pharmaceuticals Inc. [RIGL] Insider Position Details

There are presently around $95 million, or 83.40% of RIGL stock, in the hands of institutional investors. The top three institutional holders of RIGL stocks are: FMR LLC with ownership of 24,181,804, which is approximately -1.586% of the company’s market cap and around 0.60% of the total institutional ownership; BLACKROCK INC., holding 16,573,646 shares of the stock with an approximate value of $11.62 million in RIGL stocks shares; and VANGUARD GROUP INC, currently with $6.4 million in RIGL stock with ownership of nearly 1.153% of the company’s market capitalization.

Positions in Rigel Pharmaceuticals Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 72 institutional holders increased their position in Rigel Pharmaceuticals Inc. [NASDAQ:RIGL] by around 11,887,444 shares. Additionally, 73 investors decreased positions by around 14,331,424 shares, while 39 investors held positions by with 109,431,011 shares. The mentioned changes placed institutional holdings at 135,649,879 shares, according to the latest SEC report filing. RIGL stock had 21 new institutional investments in for a total of 2,209,550 shares, while 16 institutional investors sold positions of 2,873,570 shares during the same period.