Stock Investors Bid Up Shares of Rigel Pharmaceuticals, Up 1.8%

Published on Tue, 02/12/2013 - 13:18
By Robert Cotter in Market movers, RIGL, market movers, nasdaq:rigl, rigel pharmaceuticals

Rigel Pharmaceuticals (NASDAQ:RIGL), a company whose shares are moving quickly, is trading 1.8% higher to $6.62. The S&P is currently trading 0.2% higher to 1,520 and the Dow Jones Industrial Average is trading 0.3% higher to 14,016.

There is potential upside of 54.4% for shares of Rigel Pharmaceuticals based on a current price of $6.62 and an average consensus analyst price target of $10.22. The stock should run into initial resistance at its 50-day moving average (MA) of $6.97 and subsequent resistance at its 200-day MA of $8.58.

Over the past year, Rigel Pharmaceuticals has traded in a range of $5.37 to $11.44 and is now at $6.62, 23% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.5%.

Rigel Pharmaceuticals, Inc. discovers and develops novel, small molecule drugs in four lead product development programs: allergy/asthma, autoimmune disorders, hepatitis C, and cancer. The Company's first product candidate, R112, for allergic rhinitis is already in clinical testing. Rigel plans to begin clinical trials with the three additional drug candidates over the next 12 months.

By Robert Cotter
rcotter@fnno.com

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