Barclays Raises Ligand Pharmaceuticals (NASDAQ:LGND) Price Target to $125.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective lifted by Barclays from $110.00 to $125.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer began coverage on shares of Ligand Pharmaceuticals in a report on Thursday, October 3rd. They issued an “outperform” rating and a $135.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 7th. Craig Hallum raised their price objective on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. HC Wainwright upped their target price on Ligand Pharmaceuticals from $144.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Benchmark raised their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $132.83.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock opened at $113.38 on Monday. Ligand Pharmaceuticals has a 1-year low of $49.79 and a 1-year high of $113.51. The business has a fifty day moving average price of $103.92 and a 200-day moving average price of $93.06. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 21.93 and a beta of 1.00.

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

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CEO Todd C. Davis acquired 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average price of $97.39 per share, with a total value of $243,475.00. Following the purchase, the chief executive officer now directly owns 123,010 shares of the company’s stock, valued at $11,979,943.90. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Ligand Pharmaceuticals news, 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 value 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. 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 hyperlink. Also, CEO Todd C. Davis acquired 2,500 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average price of $97.39 per share, with a total value of $243,475.00. Following the completion of the transaction, the chief executive officer now directly owns 123,010 shares of the company’s stock, valued at approximately $11,979,943.90. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 51,613 shares of company stock valued at $5,255,692. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Woodstock Corp grew its position in shares of Ligand Pharmaceuticals by 0.3% in the third quarter. Woodstock Corp now owns 29,211 shares of the biotechnology company’s stock valued at $2,924,000 after purchasing an additional 100 shares during the period. Creative Planning boosted its holdings in Ligand Pharmaceuticals by 4.0% in the 3rd quarter. Creative Planning now owns 2,896 shares of the biotechnology company’s stock worth $290,000 after buying an additional 111 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock worth $64,000 after buying an additional 125 shares during the last quarter. Headlands Technologies LLC increased its stake in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after buying an additional 135 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Ligand Pharmaceuticals by 3.4% in the second quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock valued at $397,000 after acquiring an additional 156 shares in the last quarter. 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.