Here's Why Rigel (RIGL) Is a Great 'Buy the Bottom' Stock Now

Core Viewpoint - Rigel Pharmaceuticals (RIGL) has experienced a bearish trend recently, losing 6.5% over the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in the stock price, suggesting that selling pressure may be exhausting [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a downtrend, buying interest emerges to push the stock price up towards the opening price [4][5]. - The occurrence of a hammer pattern at the bottom of a downtrend signals that bears may have lost control, indicating a possible trend reversal [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for RIGL, which is a bullish indicator suggesting potential price appreciation [7]. - The consensus EPS estimate for the current year has increased by 83% over the last 30 days, indicating strong agreement among analysts about the company's improved earnings potential [8]. - RIGL holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9].