Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Rigel Pharmaceuticals shares valued at $34,821 were sold by RODRIGUEZ RAUL R on Feb 05 ’24. At $1.14 per share, RODRIGUEZ RAUL R sold 30,545 shares. The insider’s holdings dropped to 2,036,629 shares worth approximately $2.51 million following the completion of this transaction.
Also, Santos David A sold 8,918 shares, netting a total of over 10,167 in proceeds. Following the sale of shares at $1.14 each, the insider now holds 349,093 shares.
Before that, Schorno Dean L had sold 7,027 shares from its account. In a trade valued at $8,011, the EVP & Chief Financial Officer traded Rigel Pharmaceuticals shares for $1.14 each. Upon closing the transaction, the insider’s holdings decreased to 7,027 shares, worth approximately $0.5 million.
Analysts at Citigroup downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early June. As of June 08, 2022, Piper Sandler has decreased its “an Overweight” rating to a “Neutral” for RIGL. Earlier on June 08, 2022, Cantor Fitzgerald downgraded its rating. Their new recommendation was “a Neutral” for RIGL stock which previously was a “an Overweight”.
Analyzing RIGL Stock Performance
During the last five days, there has been a drop of approximately -4.65%. Over the course of the year, Rigel Pharmaceuticals shares have dropped approximately -15.17%. Shares of the company reached a 52-week high of $1.7300 on 03/06/24 and a 52-week low of $1.0810 on 02/08/24. A 50-day SMA is recorded $1.3360, while a 200-day SMA reached $1.1967. Nevertheless, trading volume fell to 0.58 million shares from 3.45 million shares the previous day.
Support And Resistance Levels for Rigel Pharmaceuticals (RIGL)
According to the 24-hour chart, there is a support level at 1.2117, which, if violated, would cause prices to drop to 1.1933. In the upper region, resistance lies at 1.2567. The next price resistance is at 1.2833. RSI (Relative Strength Index) is 37.16 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.1088, which suggests the price will decrease in the coming days. Percent R is at 83.33%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Rigel Pharmaceuticals subject to short interest?
Stocks of Rigel Pharmaceuticals saw a sharp rise in short interest on Mar 28, 2024 jumping by 1.27 million shares to 5.01 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 3.74 million shares. A jump of 25.35% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.54.
