Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Given Average Recommendation of “Buy” by Brokerages

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) has been given an average rating of “Buy” by the six analysts that are presently covering the stock, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $147.00.

Several research analysts recently issued reports on the company. Oppenheimer lifted their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Barclays upped their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Finally, Benchmark reissued a “buy” rating and set a $135.00 target price on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ LGND opened at $122.23 on Friday. The firm’s 50-day simple moving average is $114.18 and its 200 day simple moving average is $111.22. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 48.70 and a beta of 1.04. Ligand Pharmaceuticals has a fifty-two week low of $67.72 and a fifty-two week high of $129.90.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 2,104 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the transaction, the chief financial officer now directly owns 20,647 shares in the company, valued at $2,402,691.39. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC increased its position in Ligand Pharmaceuticals by 119.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company’s stock worth $43,000 after buying an additional 221 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Ligand Pharmaceuticals in the 4th quarter worth about $43,000. Redwood Park Advisors LLC bought a new stake in Ligand Pharmaceuticals in the 4th quarter valued at about $48,000. Sterling Capital Management LLC raised its stake in Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock valued at $59,000 after acquiring an additional 487 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted 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 purchasing an additional 125 shares during the last quarter. 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.