Ligand Pharmaceuticals (NASDAQ:LGND) Sets New 52-Week High – Here’s Why

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $116.38 and last traded at $114.96, with a volume of 35159 shares traded. The stock had previously closed at $111.13.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LGND. HC Wainwright reiterated a “buy” rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Craig Hallum upped their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Benchmark upped their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Barclays upped their price target on shares of Ligand Pharmaceuticals from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $132.83.

Ligand Pharmaceuticals Price Performance

The company’s 50 day moving average is $104.58 and its two-hundred day moving average is $94.45. The firm has a market cap of $2.14 billion, a P/E ratio of 54.12 and a beta of 0.99.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The business had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $33.04 million. During the same quarter last year, the company earned $1.10 earnings per share. The firm’s revenue was up 57.2% on a year-over-year basis. Research analysts predict that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current year.

Insider Buying and Selling

In related news, COO Matthew E. Korenberg sold 9,772 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 50,777 shares of the company’s stock, valued at $5,139,647.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Todd C. Davis acquired 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $97.39 per share, with a total value of $243,475.00. Following the completion of the acquisition, the chief executive officer now owns 123,010 shares in the company, valued at approximately $11,979,943.90. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Matthew E. Korenberg sold 9,772 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 50,777 shares of the company’s stock, 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. Insiders sold 51,613 shares of company stock valued at $5,255,692 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in shares of Ligand Pharmaceuticals during the second quarter worth approximately $31,000. Rothschild Investment LLC acquired a new stake in shares of Ligand Pharmaceuticals in the second quarter valued at approximately $34,000. Headlands Technologies LLC increased 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. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ligand Pharmaceuticals by 23.3% in 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 in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Ligand Pharmaceuticals in the second quarter valued at approximately $67,000. Institutional investors and hedge funds 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.