Rigel Pharmaceuticals Inc. [RIGL] is -58.49% lower this YTD. Is it still time to buy?

Rigel Pharmaceuticals Inc. [NASDAQ: RIGL] stock went on an upward path that rose over 1.85% on Wednesday, amounting to a one-week price increase of more than 22.92%. The company report on December 9, 2022 that Rigel Pharmaceuticals, Inc. Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4).


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Rigel Pharmaceuticals, Inc. (“Rigel”) (Nasdaq: RIGL) today announced that it has granted awards pursuant to the Rigel Pharmaceuticals, Inc. Inducement Plan, approved by the Compensation Committee of Rigel’s Board of Directors and granted as an inducement material to an employee’s entering into employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4). Specifically, Rigel granted 187,500 stock options to Ray Furey vesting over four years with a one-year cliff. Additionally, Mr. Furey was granted 187,500 stock options to vest upon achievement of certain future performance conditions, subject to Mr. Furey’s continuous service to the Company on such vesting date.

Rigel is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

Over the last 12 months, RIGL stock dropped by -53.39%. The one-year Rigel Pharmaceuticals Inc. stock forecast points to a potential upside of 69.95. The average equity rating for RIGL stock is currently 2.40, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $195.17 million, with 172.84 million shares outstanding and 170.76 million shares in the current float. Compared to the average trading volume of 3.94M shares, RIGL stock reached a trading volume of 3296065 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 $3.66 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 2.40. 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 0.09, with the Price to Sales ratio for RIGL stock in the period of the last 12 months amounting to 2.18.

RIGL Stock Performance Analysis:

Rigel Pharmaceuticals Inc. [RIGL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 22.92. With this latest performance, RIGL shares gained by 43.06% in over the last four-week period, additionally plugging by 35.02% over the last 6 months – not to mention a drop of -53.39% 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 72.07, with the RSI for the last a single of trading hit 78.94, and the three-weeks RSI is set at 65.03 for Rigel Pharmaceuticals Inc. [RIGL]. The present Moving Average for the last 50 days of trading for this stock 0.8238, while it was recorded at 0.9872 for the last single week of trading, and 1.6174 for the last 200 days.

Insight into Rigel Pharmaceuticals Inc. 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 2.20 and a Current Ratio set at 2.30.

Rigel Pharmaceuticals Inc. [RIGL] Insider Position Details

There are presently around $141 million, or 77.60% of RIGL stock, in the hands of institutional investors. The top three institutional holders of RIGL stocks are: BLACKROCK INC. with ownership of 16,180,237, which is approximately -1.507% of the company’s market cap and around 0.80% of the total institutional ownership; FMR LLC, holding 15,486,587 shares of the stock with an approximate value of $17.04 million in RIGL stocks shares; and VANGUARD GROUP INC, currently with $13.14 million in RIGL stock with ownership of nearly 13.961% 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 67 institutional holders increased their position in Rigel Pharmaceuticals Inc. [NASDAQ:RIGL] by around 31,605,986 shares. Additionally, 55 investors decreased positions by around 42,882,026 shares, while 40 investors held positions by with 53,898,368 shares. The mentioned changes placed institutional holdings at 128,386,380 shares, according to the latest SEC report filing. RIGL stock had 21 new institutional investments in for a total of 10,564,219 shares, while 21 institutional investors sold positions of 7,274,637 shares during the same period.

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