The stock of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is now priced at $2.48 and the shares are -0.01 points down or -0.4% lower compared to its previous closing price of $2.49. The stock had 2.062 million contracts set over the past session. RIGL shares’ daily volume is compared to its average trading volume at 7.861 million shares. However, it has a float of 168 million and although its performance was 4.2% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the RIGL share price recently placing at $2.41 to $2.5. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are climbing into the Rigel Pharmaceuticals, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the RIGL shares have risen. Short interest in the stock represents just 5.89% of its float, but the volume has raised by 1351795. The volume of shorted shares rised to 9.923 million from 8.572 million shares over the last two weeks. The average intraday trading volume has been 4.203 million shares, which means that days to cover moved to roughly 2.361127.
In the last trading session, Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) raised by $0.1 over the week and gained $0.02 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.24. The stock recorded its established 52-week high on 07/14/20.
Since 03/19/20, the stock has traded to a low of $1.23 at 101.63%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.39. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Rigel Pharmaceuticals, Inc.’s two-week RSI is 53.9. This suggests that the stock is neutral at the moment and that RIGL shares’ price movement remains stable. The stochastic readings are equally revealing at 47.28% meaning the RIGL share price is currently in neutral territory.
The technical chart shows that the RIGL stock will likely settle at between $2.52 and $2.55 per share. However, if the stock dips below $2.43, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.37.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned RIGL a rating of Overweight in their resuming review released on November 15. JP Morgan analysts see the stock as a Overweight with a target price of $7 in a flash note released to investors on September 26 resuming covering the stock. Cantor Fitzgerald analysts see the stock as Overweight. Nonetheless, the analysts revised the share prices down on March 01, placing it at $7 from $9.
The average rating for the RIGL equity is 1.71 and is currently gathering a bullish momentum. Of 7 analysts tracking Rigel Pharmaceuticals, Inc. polled by Reuters, 0 rated RIGL as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) will decrease by about -99.89%, which will see them reach $17.24 million. The company’s full-year revenues are, however, expected to increase by about 82.86%, up from $59.29 million to $108 million. RIGL’s expected adjusted earnings should surge almost 71.43% to end up at -$0.12 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -42.5% to record -$0.23/share.