Ligand Pharmaceuticals’ (LGND) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a report published on Thursday morning, Benzinga reports. The brokerage currently has a $157.00 price target on the biotechnology company’s stock.

A number of other research firms also recently weighed in on LGND. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Oppenheimer assumed coverage on Ligand Pharmaceuticals in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $135.00 target price on the stock. Benchmark boosted their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Barclays raised their price objective on Ligand Pharmaceuticals from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Craig Hallum boosted their target price on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $132.83.

Ligand Pharmaceuticals Stock Up 4.1 %

Shares of NASDAQ:LGND opened at $110.04 on Thursday. The company has a market cap of $2.01 billion, a P/E ratio of 50.94 and a beta of 0.99. The business has a fifty day simple moving average of $104.38 and a 200-day simple moving average of $93.81. Ligand Pharmaceuticals has a 52 week low of $51.21 and a 52 week high of $115.53.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.34. The firm had revenue of $41.50 million for the quarter, compared to analyst estimates of $33.04 million. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm’s quarterly revenue was up 57.2% on a year-over-year basis. During the same period last year, the company earned $1.10 EPS. Sell-side analysts expect that Ligand Pharmaceuticals will post 3.47 earnings per share for the current fiscal year.

Insider Transactions at Ligand Pharmaceuticals

In related news, CEO Todd C. Davis bought 2,500 shares of the company’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 acquisition, the chief executive officer now owns 123,010 shares in the company, valued at $11,979,943.90. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $105.54, for a total transaction of $122,109.78. Following the transaction, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at approximately $7,093,448.94. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd C. Davis purchased 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $97.39 per share, with a total value of $243,475.00. Following the completion of the acquisition, the chief executive officer now owns 123,010 shares in the company, valued at approximately $11,979,943.90. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 51,613 shares of company stock valued at $5,255,692 over the last quarter. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in Ligand Pharmaceuticals during the 2nd quarter worth approximately $31,000. Rothschild Investment LLC bought a new stake in shares of Ligand Pharmaceuticals in the second quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Ligand Pharmaceuticals by 23.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after acquiring an additional 125 shares in the last quarter. Headlands Technologies LLC boosted its stake in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after acquiring an additional 135 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new position in Ligand Pharmaceuticals during the 2nd quarter valued at $67,000. Institutional investors and hedge funds 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.