Shares of Rigel Pharmaceuticals are trading up 0.6% to $6.60 today on above average volume. Today's volume of 715,000 shares tops the average 30-day volume of 569,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.
Over the past year, Rigel Pharmaceuticals has traded in a range of $5.37 to $11.44 and is now at $6.60, 23% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2%.
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.
Potential upside of 54.9% exists for Rigel Pharmaceuticals, based on a current level of $6.60 and analysts' average consensus price target of $10.22. The stock should run into initial resistance at its 50-day moving average (MA) of $7.21 and subsequent resistance at its 200-day MA of $8.62.
