The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Rigel Pharmaceuticals Inc. shares valued at $688,400 were purchased by RODRIGUEZ RAUL R on Jun 09. At $0.69 per share, RODRIGUEZ RAUL R acquired 1,000,000 shares. The insider’s holdings grew to 1,391,776 shares worth approximately $1.68 million following the completion of this transaction.
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As published in a research note from Citigroup on June 09, 2022, Rigel Pharmaceuticals Inc. [RIGL] has been rated down from a Buy to a Neutral. Analysts at Piper Sandler downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early June. As of June 08, 2022, Cantor Fitzgerald has decreased its “an Overweight” rating to a “Neutral” for RIGL. Earlier on March 23, 2022, B. Riley Securities initiated its rating. Their recommendation was “a Neutral” for RIGL stock.
Analyzing RIGL’s Price Performance
On Wednesday, Rigel Pharmaceuticals Inc. [NASDAQ: RIGL] plunged -2.42% to $1.21. The stock’s lowest price that day was $1.20, but it reached a high of $1.28 in the same session. During the last five days, there has been a drop of approximately -5.47%. Over the course of the year, Rigel Pharmaceuticals Inc. shares have dropped approximately -54.34%. Shares of the company reached a 52-week high of $3.5150 on 03/18/22 and a 52-week low of $0.6400 on 06/13/22. A 50-day SMA is recorded $1.3862, while a 200-day SMA reached $2.1012. Nevertheless, trading volume fell to 1.71 million shares from 2.63 million shares the previous day.
Support And Resistance Levels for Rigel Pharmaceuticals Inc. (RIGL)
According to the 24-hour chart, there is a support level at 1.1800, which, if violated, would cause prices to drop to 1.1500. In the upper region, resistance lies at 1.2600. The next price resistance is at 1.3100. RSI (Relative Strength Index) is 40.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0962, which suggests the price will decrease in the coming days. Percent R is at 96.25%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Rigel Pharmaceuticals Inc. subject to short interest?
Stocks of Rigel Pharmaceuticals Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 3.33 million shares to 10.45 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 7.12 million shares. A jump of 31.87% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.4 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.4.
Which companies own the most shares of Rigel Pharmaceuticals Inc. (RIGL)?
According to Fidelity Management & Research Co filings, the company currently owns 24,127,070 shares, which is about 13.96% of the total RIGL shares outstanding. The investor’s shares have plunged by -53,509 from its previous 13-F filing of 24180579.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $34,002,707. BlackRock Fund Advisors reduced a -0.54% interest valued at $19.2 million while The Vanguard Group, Inc. purchased a 1,369,583 stake. A total of -3,418 shares of Rigel Pharmaceuticals Inc. were bought by Invesco Advisers, Inc. during the quarter, and 200,000 were bought by Hudson Bay Capital Management LP. In its current portfolio, Citadel Advisors LLC holds 3,897,484 shares valued at $5.53 million.
In terms of Rigel Pharmaceuticals Inc. share price expectations, FactSet research, analysts set an average price target of $3.92 in the next 12 months, up nearly 61.29% from the previous closing price of $1.24. Analysts anticipate Rigel Pharmaceuticals Inc. stock to reach $15.00 by 2022, with the lowest price target being $1.20. In spite of this, 7 analysts ranked Rigel Pharmaceuticals Inc. stock as an Overweight at the end of 2022.