Rigel Pharmaceuticals Inc (NASDAQ:RIGL) Stock Fell 7% Last Week: Time to Buy Now?

There has been no recent news about the pharmaceutical firm Rigel Pharmaceuticals Inc (NASDAQ:RIGL) but investors don’t seem to be particularly enamoured with the company’s stock. Last week, investors headed for the exits and the stock tanked by as much as 6.50% through the week.

In this situation, it might be useful for investors to perhaps consider taking a look at a key announcement from the company back on June 29. At the time the company announced that its product fostamatinib, which is meant as an inhibitor of oral spleen tyrosine kinase, was selected for a trial among hospitalised COVID 19 patients by the National Institute of Health.

The product was made a part of the Accelerating COVID-19 Therapeutic Interventions and Vaccines trial by the National Institute of Health. It goes without saying that it was a major development for the company and something that is going to be watched closely by investors as well as market analysts.

Earlier on the Phase 2 study into the product had produced positive results and soon after the company had applied for an Emergency Use Authorization with the United States Food and Drug Administration. Investors could consider keeping an eye on the news regarding Rigel in the coming days.

Market Reaction:

On Friday, RIGL stock fell 0.73% at $4.06 with more than 1.09 million shares, compared to its average volume of 2.08 million shares. The stock has moved within a range of $ 4.0300 – 4.2000 after opening the trade at $4.15. Over the past 52-week, the stock has been trading within a range of $2.1400 – 5.5000.