Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $140.00 at Royal Bank of Canada

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target raised by analysts at Royal Bank of Canada from $130.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 14.68% from the company’s previous close.

A number of other analysts have also weighed in on the company. Benchmark upped their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Barclays upped their price objective on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Oppenheimer lifted their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $157.00 target price on shares of Ligand Pharmaceuticals in a report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $144.83.

Ligand Pharmaceuticals Price Performance

Shares of Ligand Pharmaceuticals stock opened at $122.08 on Tuesday. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 48.64 and a beta of 0.99. The firm’s 50-day moving average is $106.71 and its two-hundred day moving average is $96.48. Ligand Pharmaceuticals has a 1 year low of $55.02 and a 1 year high of $129.90.

Insider Activity

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total transaction of $159,585.00. Following the sale, the insider now owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Andrew Reardon sold 1,500 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $106.39, for a total value of $159,585.00. Following the transaction, the insider now directly owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew E. Korenberg sold 11,389 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $105.61, for a total value of $1,202,792.29. Following the sale, the chief operating officer now directly owns 49,510 shares of the company’s stock, valued at $5,228,751.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,368 shares of company stock worth $3,458,560 over the last 90 days. 5.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LGND. Vanguard Group Inc. lifted its position in shares of Ligand Pharmaceuticals by 0.4% in the first quarter. Vanguard Group Inc. now owns 1,884,112 shares of the biotechnology company’s stock valued at $137,729,000 after acquiring an additional 7,598 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Ligand Pharmaceuticals by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock worth $59,707,000 after purchasing an additional 44,543 shares during the last quarter. Congress Asset Management Co. raised its position in shares of Ligand Pharmaceuticals by 3.0% in the third quarter. Congress Asset Management Co. now owns 604,038 shares of the biotechnology company’s stock valued at $60,458,000 after buying an additional 17,414 shares during the last quarter. Chicago Capital LLC lifted its stake in shares of Ligand Pharmaceuticals by 6.0% in the third quarter. Chicago Capital LLC now owns 545,821 shares of the biotechnology company’s stock worth $54,631,000 after buying an additional 30,875 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in Ligand Pharmaceuticals by 44.3% during the third quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock worth $37,312,000 after acquiring an additional 114,436 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

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.