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

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Benchmark lifted 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. Craig Hallum lifted their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. HC Wainwright lifted their price target on shares of Ligand Pharmaceuticals from $144.00 to $157.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Oppenheimer assumed coverage on shares of Ligand Pharmaceuticals in a report on Thursday, October 3rd. They issued an “outperform” rating and a $135.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $134.40.

Ligand Pharmaceuticals Trading Up 0.7 %

The company has a market cap of $2.04 billion, a P/E ratio of 51.77 and a beta of 1.00. The stock’s 50 day moving average is $103.72 and its 200-day moving average is $92.75.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced 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. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The company had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $33.04 million. During the same quarter in the previous year, the business posted $1.10 EPS. Ligand Pharmaceuticals’s revenue was up 57.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current year.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, CEO Todd C. Davis bought 2,500 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $97.39 per share, with a total value of $243,475.00. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Andrew Reardon sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the completion of the sale, the insider now directly owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd C. Davis bought 2,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, August 8th. The stock was 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 directly owns 123,010 shares in the company, valued at $11,979,943.90. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 51,613 shares of company stock valued at $5,255,692. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Woodstock Corp increased its holdings in Ligand Pharmaceuticals by 0.3% in the 3rd quarter. Woodstock Corp now owns 29,211 shares of the biotechnology company’s stock worth $2,924,000 after acquiring an additional 100 shares in the last quarter. Creative Planning increased its holdings in Ligand Pharmaceuticals by 4.0% in the 3rd quarter. Creative Planning now owns 2,896 shares of the biotechnology company’s stock worth $290,000 after acquiring an additional 111 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 worth $64,000 after acquiring an additional 125 shares in the last quarter. Headlands Technologies LLC increased its holdings in Ligand Pharmaceuticals by 21.7% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 135 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Ligand Pharmaceuticals by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock worth $397,000 after purchasing an additional 156 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

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.