Ligand Pharmaceuticals (NASDAQ:LGND) Receives New Coverage from Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a research note released on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $135.00 price target on the biotechnology company’s stock.

Several other brokerages have also recently commented on LGND. Royal Bank of Canada reiterated an outperform rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Benchmark raised their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a buy rating in a report on Monday, August 12th. Craig Hallum raised their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Finally, HC Wainwright restated a buy rating and set a $144.00 price target on shares of Ligand Pharmaceuticals in a report on Thursday, August 8th. 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 MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $131.80.

Ligand Pharmaceuticals Stock Up 2.3 %

LGND stock opened at $102.24 on Thursday. Ligand Pharmaceuticals has a fifty-two week low of $49.24 and a fifty-two week high of $112.13. The firm’s 50-day simple moving average is $102.70 and its 200 day simple moving average is $89.11. The stock has a market cap of $1.84 billion, a PE ratio of 19.78 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 for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $33.04 million. During the same quarter last year, the firm posted $1.10 EPS. The business’s revenue for the quarter was up 57.2% on a year-over-year basis. Equities analysts forecast that Ligand Pharmaceuticals will post 3.54 EPS for the current fiscal year.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CEO Todd C. Davis acquired 2,500 shares of the business’s stock in a transaction that occurred 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 owns 123,010 shares in the company, valued at $11,979,943.90. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Octavio Espinoza sold 1,275 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total transaction of $132,523.50. Following the transaction, the chief financial officer now owns 24,610 shares of the company’s stock, valued at $2,557,963.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Todd C. Davis acquired 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $97.39 per share, for a total transaction of $243,475.00. Following the transaction, the chief executive officer now owns 123,010 shares of the company’s stock, valued at approximately $11,979,943.90. The disclosure for this purchase 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently modified their holdings of LGND. Norges Bank bought a new position in shares of Ligand Pharmaceuticals in the fourth quarter valued at approximately $7,655,000. Franklin Resources Inc. increased its position in Ligand Pharmaceuticals by 3.2% during the fourth quarter. Franklin Resources Inc. now owns 14,066 shares of the biotechnology company’s stock worth $1,005,000 after acquiring an additional 438 shares during the period. Campbell & CO Investment Adviser LLC increased its position in Ligand Pharmaceuticals by 47.3% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 7,581 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 2,435 shares during the period. Scarborough Advisors LLC bought a new position in Ligand Pharmaceuticals during the fourth quarter worth $107,000. Finally, Fisher Asset Management LLC increased its position in Ligand Pharmaceuticals by 48.2% during the fourth quarter. Fisher Asset Management LLC now owns 49,297 shares of the biotechnology company’s stock worth $3,521,000 after acquiring an additional 16,035 shares during the period. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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.