Rigel Pharmaceuticals Inc. [RIGL] Revenue clocked in at $88.50 million, down -66.02% YTD: What’s Next?

Rigel Pharmaceuticals Inc. [NASDAQ: RIGL] plunged by -$0.24 during the normal trading session on Tuesday and reaching a high of $1.06 during the day while it closed the day at $0.90. The company report on October 10, 2022 that Rigel Provides Update on Plans for sNDA for wAIHA Program Following FDA Feedback.


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–Announces Workforce Reduction–.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that it has received guidance from the U.S. Food and Drug Administration (FDA)’s review of the Company’s re-analysis of data from the FORWARD Phase 3 trial of fostamatinib for the treatment of patients with warm autoimmune hemolytic anemia (wAIHA). Based on this guidance, Rigel does not expect to file a supplemental New Drug Application (sNDA) for this indication at this time. Rigel will continue to explore its options for the wAIHA program in relation to its complete portfolio of development opportunities.

Rigel Pharmaceuticals Inc. stock has also loss -24.32% of its value over the past 7 days. However, RIGL stock has declined by -32.29% in the 3 months of the year. Over the past six months meanwhile, it has lost -69.16% and lost -66.02% year-on date.

The market cap for RIGL stock reached $157.06 million, with 172.15 million shares outstanding and 170.76 million shares in the current float. Compared to the average trading volume of 3.69M shares, RIGL reached a trading volume of 8650245 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about 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 $3.92 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 2.70. 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.

Citigroup have made an estimate for Rigel Pharmaceuticals Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 09, 2022. While these analysts kept the previous recommendation, Piper Sandler dropped their target price from $7 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 drop from $6 to $1, while Cantor Fitzgerald kept a Neutral rating on RIGL stock.

The Average True Range (ATR) for Rigel Pharmaceuticals Inc. is set at 0.11, with the Price to Sales ratio for RIGL stock in the period of the last 12 months amounting to 1.77.

RIGL stock trade performance evaluation

Rigel Pharmaceuticals Inc. [RIGL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -24.32. With this latest performance, RIGL shares dropped by -37.02% in over the last four-week period, additionally sinking by -69.16% over the last 6 months – not to mention a drop of -74.05% 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 27.61, with the RSI for the last a single of trading hit 19.10, and the three-weeks RSI is set at 33.62 for Rigel Pharmaceuticals Inc. [RIGL]. The present Moving Average for the last 50 days of trading for this stock 1.3582, while it was recorded at 1.0941 for the last single week of trading, and 2.0019 for the last 200 days.

Rigel Pharmaceuticals Inc. [RIGL]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Rigel Pharmaceuticals Inc. [RIGL] shares currently have an operating margin of -6.01 and a Gross Margin at +98.88. Rigel Pharmaceuticals Inc.’s Net Margin is presently recorded at -12.00.

Return on Equity for this stock declined to -55.63, with Return on Assets sitting at -12.90.

Rigel Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.20.

Rigel Pharmaceuticals Inc. [RIGL]: Insider Ownership positions

There are presently around $126 million, or 88.20% of RIGL stock, in the hands of institutional investors. The top three institutional holders of RIGL stocks are: FMR LLC with ownership of 24,127,070, which is approximately -0.226% of the company’s market cap and around 1.00% of the total institutional ownership; STATE STREET CORP, holding 23,945,568 shares of the stock with an approximate value of $21.57 million in RIGL stocks shares; and BLACKROCK INC., currently with $14.8 million in RIGL stock with ownership of nearly -0.88% of the company’s market capitalization.

Positions in Rigel Pharmaceuticals Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 46 institutional holders increased their position in Rigel Pharmaceuticals Inc. [NASDAQ:RIGL] by around 35,400,682 shares. Additionally, 89 investors decreased positions by around 31,052,689 shares, while 40 investors held positions by with 73,269,833 shares. The mentioned changes placed institutional holdings at 139,723,204 shares, according to the latest SEC report filing. RIGL stock had 10 new institutional investments in for a total of 4,017,219 shares, while 36 institutional investors sold positions of 20,280,749 shares during the same period.

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