Ligand Pharmaceuticals (NASDAQ:LGND) Coverage Initiated at Oppenheimer

Equities research analysts at Oppenheimer initiated coverage on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set an “outperform” rating and a $135.00 price target on the biotechnology company’s stock. Oppenheimer’s target price suggests a potential upside of 28.84% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Benchmark increased their target price on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Craig Hallum upped their target price on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, HC Wainwright reissued a “buy” rating and set a $144.00 price target on shares of Ligand Pharmaceuticals in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.80.

Ligand Pharmaceuticals Stock Performance

Shares of Ligand Pharmaceuticals stock opened at $104.78 on Thursday. Ligand Pharmaceuticals has a 52-week low of $49.24 and a 52-week high of $112.13. The company has a fifty day moving average of $102.65 and a 200-day moving average of $89.34. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 20.27 and a beta of 1.00.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.06 by $0.34. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $33.04 million. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The company’s quarterly revenue was up 57.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 earnings per share. On average, equities research analysts forecast that Ligand Pharmaceuticals will post 3.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Matthew E. Korenberg sold 9,772 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $101.22, for a total value of $989,121.84. Following the completion of the sale, the chief operating officer now directly owns 50,777 shares of the company’s stock, valued at approximately $5,139,647.94. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Todd C. Davis bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price of $97.39 per share, for a total transaction of $243,475.00. Following the completion of the transaction, the chief executive officer now owns 123,010 shares in the company, valued at $11,979,943.90. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Matthew E. Korenberg sold 9,772 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $101.22, for a total transaction of $989,121.84. Following the completion of the sale, the chief operating officer now owns 50,777 shares in the company, valued at approximately $5,139,647.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,613 shares of company stock worth $5,255,692. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently made changes to their positions in LGND. Headlands Technologies LLC grew 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. Arizona State Retirement System grew its position in Ligand Pharmaceuticals by 3.4% in the second quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock worth $397,000 after acquiring an additional 156 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in Ligand Pharmaceuticals by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock worth $1,049,000 after acquiring an additional 185 shares during the last quarter. Swiss National Bank raised its position in Ligand Pharmaceuticals by 0.6% during the first quarter. Swiss National Bank now owns 32,700 shares of the biotechnology company’s stock valued at $2,390,000 after purchasing an additional 200 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its position in shares of Ligand Pharmaceuticals by 1.6% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 17,112 shares of the biotechnology company’s stock valued at $1,442,000 after purchasing an additional 271 shares during 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.