Ligand Pharmaceuticals (NASDAQ:LGND) Trading Down 7.7% – Here’s What Happened

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) traded down 7.7% on Monday . The company traded as low as $115.19 and last traded at $115.19. 77,634 shares were traded during mid-day trading, a decline of 42% from the average session volume of 134,963 shares. The stock had previously closed at $124.83.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Benchmark upped their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday. Oppenheimer increased their price objective on 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 increased their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Barclays increased their price objective on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $145.33.

Ligand Pharmaceuticals Trading Up 1.5 %

The company has a market capitalization of $2.27 billion, a PE ratio of 48.04 and a beta of 1.01. The firm has a fifty day moving average of $113.12 and a two-hundred day moving average of $101.67.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, COO Matthew E. Korenberg sold 9,772 shares of the 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 completion of the sale, the chief operating officer now owns 50,777 shares in the company, valued at approximately $5,139,647.94. This trade represents a 16.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total value of $132,523.50. Following the transaction, the chief financial officer now directly owns 24,610 shares in the company, valued at $2,557,963.40. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,728 shares of company stock worth $2,271,575 in the last ninety days. 5.90% of the stock is owned by company insiders.

Institutional Trading of Ligand Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new position in Ligand Pharmaceuticals in the 2nd quarter worth $31,000. Rothschild Investment LLC bought a new position in Ligand Pharmaceuticals in the second quarter worth about $34,000. Headlands Technologies LLC lifted its holdings in Ligand Pharmaceuticals by 21.7% in the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after buying an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Ligand Pharmaceuticals by 23.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after acquiring an additional 125 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Ligand Pharmaceuticals during the 2nd quarter valued at approximately $67,000. Hedge funds and other institutional investors 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.