Ligand Pharmaceuticals (NASDAQ:LGND) Sets New 52-Week High – What’s Next?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) reached a new 52-week high during trading on Friday . The company traded as high as $112.25 and last traded at $111.60, with a volume of 9075 shares changing hands. The stock had previously closed at $110.99.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LGND shares. Oppenheimer began coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $135.00 price target on the stock. Craig Hallum boosted their target price 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. Benchmark increased their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Finally, HC Wainwright raised their price objective on Ligand Pharmaceuticals from $144.00 to $157.00 and gave the company a “buy” rating in a research note on Monday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $134.40.

Ligand Pharmaceuticals Stock Performance

The company has a market capitalization of $2.01 billion, a P/E ratio of 21.53 and a beta of 1.00. The firm’s fifty day moving average is $103.53 and its 200 day moving average is $92.45.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $33.04 million. During the same period in the prior year, the business posted $1.10 earnings per share. The company’s revenue for the quarter was up 57.2% on a year-over-year basis. On average, analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.73 EPS for the current year.

Insider Activity

In related news, CEO Todd C. Davis purchased 2,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average price of $97.39 per share, with a total value of $243,475.00. Following the purchase, the chief executive officer now directly owns 123,010 shares of the company’s stock, valued at approximately $11,979,943.90. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Octavio Espinoza sold 1,275 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $103.94, for a total value of $132,523.50. Following the completion of the sale, the chief financial officer now owns 24,610 shares in the company, valued at approximately $2,557,963.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd C. Davis acquired 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average cost of $97.39 per share, for a total transaction of $243,475.00. Following the purchase, the chief executive officer now owns 123,010 shares of the company’s stock, valued at $11,979,943.90. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 51,613 shares of company stock valued at $5,255,692. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in LGND. Innealta Capital LLC purchased a new stake in Ligand Pharmaceuticals in the second quarter worth about $31,000. Rothschild Investment LLC purchased a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $34,000. Headlands Technologies LLC boosted its stake 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 valued at $64,000 after purchasing an additional 135 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Ligand Pharmaceuticals by 23.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after buying an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in Ligand Pharmaceuticals during the second quarter valued at approximately $67,000. Institutional investors own 91.28% of the company’s stock.

About Ligand Pharmaceuticals

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.