Stock Track | Rigel Pharmaceuticals Plunges 5.94% Despite Upgrade and Strong Q3 Results, Profit-Taking Suspected

Stock Track11-06

Rigel Pharmaceuticals (RIGL) experienced a surprising 24-hour plunge of 5.94% on Wednesday, despite receiving positive news earlier in the day. The stock's decline comes in stark contrast to a series of seemingly bullish developments, leaving investors puzzled.

Earlier on Wednesday, Jefferies upgraded Rigel Pharmaceuticals to Buy from Hold, setting an ambitious price target of $42. This upgrade followed the company's strong third-quarter performance, where it beat revenue expectations and raised its annual revenue forecast. The positive results had initially propelled the stock up by 26.8% during the day.

However, the sharp reversal in stock price suggests that investors may be engaging in profit-taking following the initial surge. Additionally, Cantor Fitzgerald's decision to maintain a Neutral rating on Rigel could have tempered some of the enthusiasm generated by the Jefferies upgrade. The conflicting analyst views and the stock's volatile movement highlight the current uncertainty surrounding Rigel Pharmaceuticals' near-term prospects, despite its improved financial performance.

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