Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $150.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target upped by stock analysts at Barclays from $125.00 to $150.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s price target would suggest a potential upside of 23.71% from the company’s current price.

A number of other research firms have also weighed in on LGND. Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $130.00 price target on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Benchmark increased their target price on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $143.17.

Ligand Pharmaceuticals Stock Down 6.7 %

NASDAQ:LGND traded down $8.65 during mid-day trading on Friday, reaching $121.25. 260,623 shares of the company were exchanged, compared to its average volume of 103,330. The company has a fifty day moving average of $105.57 and a 200 day moving average of $95.40. The stock has a market cap of $2.22 billion, a PE ratio of 56.13 and a beta of 0.99. Ligand Pharmaceuticals has a 12 month low of $51.21 and a 12 month high of $129.90.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, COO Matthew E. Korenberg sold 1,157 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $105.54, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,275 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the transaction, the chief financial officer now owns 24,610 shares of the company’s stock, valued at approximately $2,557,963.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Matthew E. Korenberg sold 1,157 shares of Ligand Pharmaceuticals stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 67,211 shares of the company’s stock, valued at approximately $7,093,448.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,368 shares of company stock worth $3,458,560 in the last ninety days. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in LGND. SG Americas Securities LLC bought a new stake in Ligand Pharmaceuticals during the first quarter valued at approximately $809,000. Sei Investments Co. raised its holdings in Ligand Pharmaceuticals by 224.1% during the 1st quarter. Sei Investments Co. now owns 35,841 shares of the biotechnology company’s stock valued at $2,620,000 after buying an additional 24,784 shares during the period. Russell Investments Group Ltd. grew its stake in Ligand Pharmaceuticals by 155.3% in the 1st 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 in the last quarter. Allspring Global Investments Holdings LLC grew its stake in 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 valued at $11,558,000 after purchasing an additional 16,446 shares during the last quarter. Finally, William Blair Investment Management LLC lifted 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 worth $17,091,000 after buying an additional 13,595 shares during the period. Institutional investors and hedge funds own 91.28% of the company’s stock.

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.