Ligand Pharmaceuticals (NASDAQ:LGND) Given New $160.00 Price Target at Barclays

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target upped by Barclays from $150.00 to $160.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

LGND has been the subject of a number of other reports. Oppenheimer boosted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Benchmark raised their price target on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada lifted their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $147.00.

Ligand Pharmaceuticals Trading Up 4.6 %

LGND opened at $122.34 on Monday. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 48.74 and a beta of 1.01. The stock has a fifty day moving average price of $114.39 and a 200 day moving average price of $102.59. Ligand Pharmaceuticals has a 1 year low of $67.36 and a 1 year high of $129.90.

Insider Activity

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,275 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total value of $132,523.50. Following the transaction, the chief financial officer now directly owns 24,610 shares of the company’s stock, valued at approximately $2,557,963.40. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Matthew E. Korenberg sold 6,275 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $104.10, for a total value of $653,227.50. Following the completion of the transaction, the chief operating officer now owns 50,777 shares in the company, valued at $5,285,885.70. This represents a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,728 shares of company stock worth $2,271,575. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several large investors have recently modified their holdings of LGND. Innealta Capital LLC acquired a new position in Ligand Pharmaceuticals during the 2nd quarter worth approximately $31,000. Rothschild Investment LLC bought a new position in Ligand Pharmaceuticals in the second quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ligand Pharmaceuticals by 23.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock worth $64,000 after purchasing an additional 125 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after purchasing an additional 135 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter valued at approximately $67,000. 91.28% of the stock is currently owned by institutional investors.

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.