Take off with Rigel Pharmaceuticals Inc. (RIGL): Get ready for trading

Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) stock fell -8.50% on Monday to $1.83 against a previous-day closing price of $2.00. With 4.61 million shares changed hands, the volume of the stock remained heavier than its average volume of 3.93 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $2.0400 whereas the lowest price it dropped to was $1.7650. The 52-week range on RIGL shows that it touched its highest point at $3.52 and its lowest point at $0.64 during that stretch. It currently has a 1-year price target of $3.66. Beta for the stock currently stands at 0.76.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RIGL was up-trending over the past week, with a rise of 3.39%, but this was up by 54.43% over a month. Three-month performance surged to 128.55% while six-month performance rose 60.53%. The stock lost -20.43% in the past year, while it has gained 22.00% so far this year. A look at the trailing 12-month EPS for RIGL yields -0.48 with Next year EPS estimates of -0.30. For the next quarter, that number is -0.11. This implies an EPS growth rate of 40.40% for this year and 33.30% for next year.

Float and Shares Shorts:

At present, 172.84 million RIGL shares are outstanding with a float of 170.76 million shares on hand for trading. On Oct 13, 2022, short shares totaled 7.17 million, which was 4.15% higher than short shares on Sep 14, 2022. In addition to Mr. Raul R. Rodriguez as the firm’s Pres, CEO & Director, Mr. Dean L. Schorno CPA serves as its Exec. VP & CFO.

Institutional Ownership:

Through their ownership of 71.61% of RIGL’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.71% of RIGL, in contrast to 25.06% held by mutual funds. Shares owned by individuals account for 12.11%. As the largest shareholder in RIGL with 8.96% of the stake, Fidelity Management & Research Co holds 15,486,587 shares worth 15,486,587. A second-largest stockholder of RIGL, BlackRock Fund Advisors, holds 13,225,076 shares, controlling over 7.65% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in RIGL, holding 11,537,410 shares or 6.68% stake. With a 2.98% stake in RIGL, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 5,156,463 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.18% of RIGL stock, is the second-largest Mutual Fund holder. It holds 3,769,347 shares valued at 5.65 million. Vanguard Extended Market Index Fu holds 1.38% of the stake in RIGL, owning 2,383,151 shares worth 3.57 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RIGL since 7 analysts follow the stock currently. There are 3 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 4 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With RIGL analysts setting a high price target of $15.00 and a low target of $0.90, the average target price over the next 12 months is $3.66. Based on these targets, RIGL could surge 719.67% to reach the target high and fall by -50.82% to reach the target low. Reaching the average price target will result in a growth of 100.0% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. RIGL will report FY 2022 earnings on 02/28/2024. Analysts have provided yearly estimates in a range of -$0.32 being high and -$0.55 being low. For RIGL, this leads to a yearly average estimate of -$0.45. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Rigel Pharmaceuticals Inc. surprised analysts by $0.02 when it reported -$0.11 EPS against a consensus estimate of -$0.13. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is $0.02 and the low estimate is -$0.20. The average estimate for the next quarter is thus -$0.09.

Summary of Insider Activity:

Insiders traded RIGL stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 13 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 1,568,750 while 0 shares were sold.

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