Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Up 3.7%

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price rose 3.7% during trading on Thursday . The company traded as high as $103.68 and last traded at $103.68. Approximately 20,498 shares changed hands during trading, a decline of 85% from the average daily volume of 139,661 shares. The stock had previously closed at $99.95.

Wall Street Analysts Forecast Growth

LGND has been the subject of a number of analyst reports. Craig Hallum lifted their price objective on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Oppenheimer initiated coverage on Ligand Pharmaceuticals in a research note on Thursday. They issued an “outperform” rating and a $135.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Finally, Benchmark boosted their target price on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $131.80.

Ligand Pharmaceuticals Stock Performance

The stock has a 50-day moving average of $102.77 and a 200-day moving average of $89.02. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 20.43 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The company had revenue of $41.50 million for the quarter, compared to the consensus estimate of $33.04 million. During the same period last year, the company earned $1.10 earnings per share. The firm’s revenue was up 57.2% compared to the same quarter last year. Sell-side analysts predict that Ligand Pharmaceuticals Incorporated will post 3.54 EPS for the current fiscal year.

Insider Activity at Ligand Pharmaceuticals

In related news, insider Andrew Reardon sold 2,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total transaction of $199,200.00. Following the completion of the transaction, the insider now directly owns 22,534 shares of the company’s stock, valued at $2,244,386.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ligand Pharmaceuticals news, CEO Todd C. Davis purchased 2,500 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $97.39 per share, with a total value of $243,475.00. Following the completion of the transaction, the chief executive officer now directly owns 123,010 shares in the company, valued at $11,979,943.90. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew Reardon sold 2,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the transaction, the insider now owns 22,534 shares of the company’s stock, valued at $2,244,386.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,613 shares of company stock valued at $5,255,692. 5.90% of the stock is owned by insiders.

Institutional Trading of Ligand Pharmaceuticals

A number of hedge funds have recently modified their holdings of LGND. Innealta Capital LLC bought a new position in Ligand Pharmaceuticals in the 2nd quarter valued at about $31,000. Rothschild Investment LLC bought a new position in shares of Ligand Pharmaceuticals during the second quarter worth approximately $34,000. Headlands Technologies LLC lifted its holdings in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after purchasing an additional 135 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Ligand Pharmaceuticals in the 2nd quarter valued at $67,000. Finally, Scarborough Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 4th quarter valued at $107,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.