Ligand Pharmaceuticals (NASDAQ:LGND) Given New $147.00 Price Target at Oppenheimer

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective upped by Oppenheimer from $135.00 to $147.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

LGND has been the subject of several other reports. Barclays raised their price target on shares of Ligand Pharmaceuticals from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Benchmark raised their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 12th. HC Wainwright reissued a “buy” rating and set a $157.00 target price on shares of Ligand Pharmaceuticals in a report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $143.17.

Ligand Pharmaceuticals Stock Performance

NASDAQ LGND traded down $8.65 during trading hours on Friday, reaching $121.25. 260,623 shares of the company’s stock were exchanged, compared to its average volume of 103,330. The company’s 50-day moving average is $105.57 and its two-hundred day moving average is $95.22. Ligand Pharmaceuticals has a one year low of $51.21 and a one year high of $129.90. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 56.13 and a beta of 0.99.

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

Insider Buying and Selling

In related news, COO Matthew E. Korenberg sold 1,157 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the transaction, the chief operating officer now owns 67,211 shares in the company, valued at approximately $7,093,448.94. This trade 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 this link. In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 2,000 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the transaction, the insider now owns 22,534 shares in the company, valued at $2,244,386.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the sale, the chief operating officer now owns 67,211 shares in the company, valued at approximately $7,093,448.94. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,368 shares of company stock worth $3,458,560. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Ligand Pharmaceuticals during the first quarter worth about $809,000. Sei Investments Co. lifted its stake in shares of Ligand Pharmaceuticals by 224.1% in the first quarter. Sei Investments Co. now owns 35,841 shares of the biotechnology company’s stock worth $2,620,000 after acquiring an additional 24,784 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Ligand Pharmaceuticals by 155.3% in the first quarter. Russell Investments Group Ltd. now owns 73,161 shares of the biotechnology company’s stock worth $5,348,000 after acquiring an additional 44,499 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Ligand Pharmaceuticals by 16.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 115,480 shares of the biotechnology company’s stock worth $11,558,000 after acquiring an additional 16,446 shares during the period. Finally, William Blair Investment Management LLC lifted its stake in shares of Ligand Pharmaceuticals by 7.2% in the second quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company’s stock worth $17,091,000 after acquiring an additional 13,595 shares during the period. 91.28% of the stock is currently owned by institutional investors.

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.