Ligand Pharmaceuticals (NASDAQ:LGND) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a research report released on Thursday morning, Benzinga reports. HC Wainwright currently has a $157.00 price objective on the biotechnology company’s stock.

LGND has been the subject of several other reports. Craig Hallum upped their price objective on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research 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 research note on Monday, August 12th. Barclays raised their price objective on shares of Ligand Pharmaceuticals from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Royal Bank of Canada restated an “outperform” rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Finally, Oppenheimer began coverage on shares of Ligand Pharmaceuticals in a research note on Thursday, October 3rd. They set an “outperform” rating and a $135.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Ligand Pharmaceuticals has an average rating of “Buy” and a consensus target price of $132.83.

Ligand Pharmaceuticals Stock Up 4.1 %

Shares of LGND opened at $110.04 on Thursday. Ligand Pharmaceuticals has a fifty-two week low of $51.21 and a fifty-two week high of $115.53. The company has a market cap of $2.01 billion, a P/E ratio of 50.94 and a beta of 0.99. The firm’s 50 day moving average price is $104.38 and its 200 day moving average price is $93.81.

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 company had revenue of $41.50 million for the quarter, compared to the consensus estimate of $33.04 million. During the same quarter in the prior year, the business earned $1.10 EPS. Ligand Pharmaceuticals’s revenue was up 57.2% on a year-over-year basis. Research analysts forecast that Ligand Pharmaceuticals will post 3.47 earnings per share for the current year.

Insider Transactions at Ligand Pharmaceuticals

In related news, CEO Todd C. Davis purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average price of $97.39 per share, for a total transaction of $243,475.00. Following the transaction, the chief executive officer now directly owns 123,010 shares of the company’s stock, valued at approximately $11,979,943.90. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Todd C. Davis purchased 2,500 shares of the firm’s 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 trade 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. Also, COO Matthew E. Korenberg sold 1,157 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total transaction of $122,109.78. Following the completion of the sale, the chief operating officer now owns 67,211 shares of the company’s stock, valued at $7,093,448.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,613 shares of company stock worth $5,255,692. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several institutional investors have recently made changes to their positions in LGND. Chicago Capital LLC grew its holdings in shares of Ligand Pharmaceuticals by 124.3% in 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. purchased a new position in shares of Ligand Pharmaceuticals in the first quarter valued at $14,367,000. F M Investments LLC purchased a new position in shares of Ligand Pharmaceuticals in the second quarter valued at $11,350,000. Dimensional Fund Advisors LP raised its stake in shares of Ligand Pharmaceuticals by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock worth $59,707,000 after buying an additional 44,543 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Ligand Pharmaceuticals by 155.3% in the 1st quarter. Russell Investments Group Ltd. now owns 73,161 shares of the biotechnology company’s stock worth $5,348,000 after buying an additional 44,499 shares in the last quarter. 91.28% of the stock is currently 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.