Rigel Pharmaceuticals, Inc. (RIGL): Why Is It Up 8.09 Percent Today

The biggest gainers of the session on the Wall Street include Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), which rose 0.22 points or 8.09% to trade at $2.94 as last check. The stock closed last session at $2.72 and sets an active trading volume day with a reported 563228 contracts so far this session. RIGL shares had a relatively better volume day versus average trading capacity of 1.57 million shares, but with a 0.17 billion float and a 25.93% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for RIGL stock indicates that the average analyst price target is $7.43 per share. This means the stock has a potential increase of 152.72% from where the RIGL share price has been trading recently.

During the recent trading session for Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), the company witnessed their stock rise $0.7 over a week and surge $0.68 from the price 20 days ago. When compared to their established 52-week high of $2.95, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 01/16/20. The recent low of $1.56 stood for a 6.91% since 10/18/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.32 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Rigel Pharmaceuticals, Inc., the two-week RSI stands at 77.98. This figure suggests that RIGL stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current RIGL readings is similarly very revealing as it has a stochastic reading of 94.87% at this stage. This figure means that RIGL share price today is being oversold.

Technical chart claims that Rigel Pharmaceuticals, Inc. (RIGL) would settle between $2.79/share to $2.87/share level. However, if the stock price goes below the $2.6 mark, then the market for Rigel Pharmaceuticals, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $2.49 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.4. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Cantor Fitzgerald, assumed coverage of RIGL assigning Overweight rating, according to their opinion released on November 15. JP Morgan, analysts launched coverage of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) stock with a Overweight recommendation, according to their flash note issued to investors on September 26. Analysts at Cantor Fitzgerald are sticking to their Overweight stance. However, on March 01, they lifted price target for these shares to $7 from $9.

RIGL equity has an average rating of 2.29, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 7 analysts rated Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Rigel Pharmaceuticals, Inc. (RIGL)’s current-quarter revenues are projected to climb by nearly -60% to hit $15.14 million, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 31.1% from $44.51 million to a noteworthy $58.37 million. At the other end of the current quarter income statement, Rigel Pharmaceuticals, Inc. is expected to see its adjusted earnings surge by roughly -400% to hit $-0.09 per share. For the fiscal year, RIGL’s earnings are projected to climb by roughly 13.6% to hit $-0.38 per share.