Here's Why Rigel Pharmaceuticals, Inc. Reversed Course Today

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) got off to a rocky start this morning, falling more than 8% before the market digested the details of a recently announced share offering. The stock has since reversed course and was up about 12.7% at 3:01 p.m. EDT on Wednesday.

This biotech stock surged earlier this week when the FDA announced it would not require an advisory committee meeting to complete its review of Tavalisse for treatment of immune thrombocytopenic purpura (ITP). The company will need to assemble a sales force if the Agency greenlights the drug, and yesterday's secondary offering announcement wasn't unexpected.

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Source: Fool.com