Analysts Set Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Price Target at $127.25

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) has been given a consensus rating of “Buy” by the four brokerages that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $127.25.

Several analysts have commented on LGND shares. Craig Hallum lifted their target price on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. HC Wainwright reissued a “buy” rating and issued a $144.00 price target on shares of Ligand Pharmaceuticals in a research note on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday. Finally, Benchmark reiterated a “buy” rating and set a $95.00 price objective on shares of Ligand Pharmaceuticals in a report on Friday, June 28th.

Insider Activity at Ligand Pharmaceuticals

In other news, CEO Todd C. Davis acquired 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was bought 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 of the company’s stock, valued at $11,979,943.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Matthew E. Korenberg sold 3,440 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $84.54, for a total value of $290,817.60. Following the sale, the insider now directly owns 100,421 shares of the company’s stock, valued at $8,489,591.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd C. Davis bought 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was bought at an average cost of $97.39 per share, with a total value of $243,475.00. Following the transaction, the chief executive officer now directly owns 123,010 shares in the company, valued at approximately $11,979,943.90. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 14,469 shares of company stock worth $1,242,773. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently bought and sold shares of LGND. Headlands Technologies LLC boosted its holdings in Ligand Pharmaceuticals by 21.7% in the second 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 period. Arizona State Retirement System boosted its stake in Ligand Pharmaceuticals by 3.4% in the second quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock valued at $397,000 after acquiring an additional 156 shares during the period. Texas Permanent School Fund Corp grew its holdings in shares of Ligand Pharmaceuticals by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 185 shares during the last quarter. Swiss National Bank raised its position in shares of Ligand Pharmaceuticals by 0.6% during the 1st quarter. Swiss National Bank now owns 32,700 shares of the biotechnology company’s stock worth $2,390,000 after purchasing an additional 200 shares during the period. Finally, Linden Thomas Advisory Services LLC grew its position in shares of Ligand Pharmaceuticals by 1.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 17,112 shares of the biotechnology company’s stock worth $1,442,000 after acquiring an additional 271 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock traded up $3.23 during mid-day trading on Friday, reaching $100.16. The company had a trading volume of 132,926 shares, compared to its average volume of 149,009. The stock’s 50-day simple moving average is $90.97 and its 200-day simple moving average is $81.54. The company has a market capitalization of $1.80 billion, a P/E ratio of 19.37 and a beta of 1.01. Ligand Pharmaceuticals has a 1 year low of $49.24 and a 1 year high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.34. The firm had revenue of $41.50 million during the quarter, compared to the consensus estimate of $33.04 million. Ligand Pharmaceuticals had a return on equity of 8.52% and a net margin of 79.30%. The company’s quarterly revenue was up 57.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 EPS. On average, equities analysts forecast that Ligand Pharmaceuticals will post 3.54 EPS for the current fiscal year.

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.