Ligand Pharmaceuticals (NASDAQ:LGND) Trading Up 7.3% – Should You Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares were up 7.3% during trading on Thursday . The company traded as high as $120.32 and last traded at $123.35. Approximately 26,391 shares changed hands during trading, a decline of 70% from the average daily volume of 87,548 shares. The stock had previously closed at $115.01.

Analyst Upgrades and Downgrades

LGND has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Barclays lifted their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Oppenheimer increased their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada upped their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Finally, HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $147.00.

Ligand Pharmaceuticals Trading Up 0.6 %

The business’s fifty day moving average price is $113.99 and its 200 day moving average price is $110.97. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 46.08 and a beta of 1.04.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($1.64) EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($3.01). Ligand Pharmaceuticals had a net margin of 29.68% and a return on equity of 4.95%. As a group, sell-side analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current fiscal year.

Insider Transactions at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total transaction of $244,842.48. Following the sale, the chief financial officer now owns 20,647 shares in the company, valued at approximately $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter valued at about $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Ligand Pharmaceuticals by 26.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company’s stock valued at $5,400,000 after buying an additional 10,563 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Ligand Pharmaceuticals during the fourth quarter worth approximately $1,800,000. ProShare Advisors LLC increased its position in shares of Ligand Pharmaceuticals by 32.0% in the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company’s stock worth $658,000 after acquiring an additional 1,490 shares in the last quarter. Finally, Northeast Financial Consultants Inc acquired a new stake in shares of Ligand Pharmaceuticals in the fourth quarter worth $201,000. 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.