Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Receives Consensus Rating of “Buy” from Analysts

Ligand Pharmaceuticals Incorporated (NASDAQ:LGNDGet Free Report) has received a consensus recommendation of “Buy” from the five analysts that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $131.80.

LGND has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 price objective on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $144.00 price target on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Craig Hallum increased their price objective on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Oppenheimer began coverage on shares of Ligand Pharmaceuticals in a report on Thursday, October 3rd. They set an “outperform” rating and a $135.00 price objective on the stock. Finally, Benchmark upped their target price on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, August 12th.

Check Out Our Latest Stock Analysis on LGND

Insider Activity

In related news, COO Matthew E. Korenberg sold 18,245 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $98.50, for a total transaction of $1,797,132.50. Following the completion of the transaction, the chief operating officer now owns 68,368 shares in the company, valued at approximately $6,734,248. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Todd C. Davis purchased 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $97.39 per share, for a total transaction of $243,475.00. Following the completion of the purchase, the chief executive officer now directly owns 123,010 shares in the company, valued at $11,979,943.90. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew E. Korenberg sold 18,245 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $98.50, for a total transaction of $1,797,132.50. Following the transaction, the chief operating officer now owns 68,368 shares in the company, valued at $6,734,248. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,613 shares of company stock worth $5,255,692 over the last ninety days. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Chicago Capital LLC boosted its stake in shares of Ligand Pharmaceuticals by 124.3% during the 2nd quarter. Chicago Capital LLC now owns 514,946 shares of the biotechnology company’s stock worth $43,389,000 after acquiring an additional 285,350 shares during the period. Ashford Capital Management Inc. acquired a new stake in shares of Ligand Pharmaceuticals during the 1st quarter worth about $14,367,000. F M Investments LLC acquired a new position in Ligand Pharmaceuticals in the 2nd quarter valued at about $11,350,000. Norges Bank bought a new position in Ligand Pharmaceuticals in the 4th quarter valued at about $7,655,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Ligand Pharmaceuticals by 129.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 85,195 shares of the biotechnology company’s stock worth $6,228,000 after acquiring an additional 48,022 shares during the last quarter. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Up 0.3 %

LGND stock opened at $103.24 on Thursday. Ligand Pharmaceuticals has a twelve month low of $49.24 and a twelve month high of $112.13. The company has a market cap of $1.86 billion, a P/E ratio of 19.97 and a beta of 1.00. The business’s fifty day moving average is $102.27 and its 200-day moving average is $90.10.

Ligand Pharmaceuticals (NASDAQ:LGNDGet Free Report) last released its earnings results 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. 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 company’s quarterly revenue was up 57.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.10 earnings per share. Research analysts anticipate that Ligand Pharmaceuticals will post 3.54 earnings per share for the current fiscal year.

Ligand Pharmaceuticals Company Profile

(Get Free Report

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.

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Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

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