Ligand Pharmaceuticals (NASDAQ:LGND) Receives “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a research note published on Monday morning,Benzinga reports. Benchmark currently has a $135.00 price objective on the biotechnology company’s stock.

Other research analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Barclays raised their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Royal Bank of Canada increased their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, Oppenheimer boosted their price target on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Stock Performance

LGND stock opened at $113.80 on Monday. The company has a market capitalization of $2.15 billion, a PE ratio of 45.34 and a beta of 1.01. The company’s fifty day moving average price is $115.68 and its 200-day moving average price is $103.70. Ligand Pharmaceuticals has a one year low of $67.53 and a one year high of $129.90.

Insiders Place Their Bets

In other news, Director John L. Lamattina sold 2,406 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total value of $297,501.90. Following the completion of the sale, the director now owns 29,515 shares in the company, valued at approximately $3,649,529.75. This trade represents a 7.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.90% of the stock is owned by insiders.

Institutional Trading of Ligand Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in LGND. Barclays PLC raised its holdings in shares of Ligand Pharmaceuticals by 20.0% in the third quarter. Barclays PLC now owns 43,456 shares of the biotechnology company’s stock worth $4,349,000 after buying an additional 7,247 shares during the period. Fisher Asset Management LLC grew its position in Ligand Pharmaceuticals by 12.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,574 shares of the biotechnology company’s stock valued at $5,963,000 after acquiring an additional 6,555 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ligand Pharmaceuticals by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 163,924 shares of the biotechnology company’s stock worth $16,407,000 after purchasing an additional 8,584 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Ligand Pharmaceuticals by 16.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 115,480 shares of the biotechnology company’s stock worth $11,558,000 after purchasing an additional 16,446 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 7.2% during the second quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company’s stock valued at $17,091,000 after purchasing an additional 13,595 shares during the period. Institutional investors own 91.28% of the company’s stock.

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.