Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Expected to Rise, Benchmark Analyst Says

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target raised by investment analysts at Benchmark from $110.00 to $135.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Benchmark’s price objective would suggest a potential upside of 11.34% from the company’s previous close.

A number of other analysts also recently weighed in on LGND. Barclays raised their price target on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday. Finally, Oppenheimer increased their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $143.17.

Ligand Pharmaceuticals Trading Down 6.7 %

Shares of LGND stock opened at $121.25 on Friday. The stock has a 50-day moving average of $105.57 and a 200-day moving average of $95.40. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 56.13 and a beta of 0.99. Ligand Pharmaceuticals has a 1-year low of $51.21 and a 1-year high of $129.90.

Insider Buying and Selling

In other news, insider Andrew Reardon sold 2,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $99.60, for a total transaction of $199,200.00. Following the transaction, the insider now owns 22,534 shares in the company, valued at approximately $2,244,386.40. This represents 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 this link. In other news, insider Andrew Reardon sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total transaction of $199,200.00. Following the completion of the sale, the insider now owns 22,534 shares in the company, valued at $2,244,386.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Matthew E. Korenberg sold 1,157 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the transaction, the chief operating officer now directly owns 67,211 shares in the company, valued at $7,093,448.94. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,368 shares of company stock valued at $3,458,560 over the last ninety days. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Innealta Capital LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter worth about $31,000. Rothschild Investment LLC purchased a new stake in shares of Ligand Pharmaceuticals in the second quarter worth approximately $34,000. Headlands Technologies LLC lifted its holdings in shares of Ligand Pharmaceuticals by 21.7% in 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. boosted its position in shares of 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 last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Ligand Pharmaceuticals during the second quarter worth $67,000. 91.28% of the stock is owned by 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.