Benchmark Reiterates “Buy” Rating for Ligand Pharmaceuticals (NASDAQ:LGND)

Ligand Pharmaceuticals (NASDAQ:LGND)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a note issued to investors on Monday,Benzinga reports. They currently have a $135.00 price target on the biotechnology company’s stock. Benchmark’s target price would suggest a potential upside of 19.07% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Oppenheimer lifted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Barclays lifted their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Royal Bank of Canada upped their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ligand Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $147.00.

Ligand Pharmaceuticals Stock Down 0.4 %

Shares of Ligand Pharmaceuticals stock opened at $113.38 on Monday. The firm’s 50-day moving average price is $115.86 and its two-hundred day moving average price is $103.93. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 45.17 and a beta of 1.01. Ligand Pharmaceuticals has a 12-month low of $67.53 and a 12-month high of $129.90.

Insider Activity

In related news, Director John L. Lamattina sold 2,406 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the sale, the director now owns 29,515 shares in the company, valued at $3,649,529.75. The trade was a 7.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several large investors have recently modified their holdings of the business. Innealta Capital LLC bought a new stake in Ligand Pharmaceuticals in the second quarter valued at approximately $31,000. Rothschild Investment LLC acquired a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 125 shares during the last quarter. Headlands Technologies LLC increased its position in shares of Ligand Pharmaceuticals by 21.7% during the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after buying an additional 135 shares during the period. Finally, Benjamin F. Edwards & Company Inc. bought a new position in Ligand Pharmaceuticals during the second quarter worth $67,000. 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.