Ligand Pharmaceuticals (NASDAQ:LGND) Rating Increased to Hold at StockNews.com

Ligand Pharmaceuticals (NASDAQ:LGND) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

Several other research analysts have also recently issued reports on LGND. Royal Bank of Canada raised their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Barclays raised their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Price Performance

NASDAQ LGND opened at $109.95 on Tuesday. Ligand Pharmaceuticals has a 1-year low of $67.72 and a 1-year high of $129.90. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 43.80 and a beta of 1.12. The business’s fifty day moving average price is $114.33 and its 200-day moving average price is $111.77.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total value of $575,150.00. Following the sale, the chief financial officer now directly owns 18,879 shares in the company, valued at approximately $2,171,651.37. The trade was a 20.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new stake in Ligand Pharmaceuticals in the 4th quarter worth approximately $286,000. GF Fund Management CO. LTD. bought a new position in shares of Ligand Pharmaceuticals during the 4th quarter valued at approximately $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Ligand Pharmaceuticals by 26.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company’s stock valued at $5,400,000 after purchasing an additional 10,563 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Ligand Pharmaceuticals in the fourth quarter worth $1,800,000. Finally, ProShare Advisors LLC raised its stake in Ligand Pharmaceuticals by 32.0% during the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company’s stock valued at $658,000 after purchasing an additional 1,490 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.