Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Price Target Raised to $104.00 at Deutsche Bank AG
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) had its price target hoisted by equities researchers at Deutsche Bank AG from $103.00 to $104.00 in a note issued to investors on Tuesday. The brokerage presently has a “hold” rating on the biotechnology company’s stock. Deutsche Bank AG’s target price points to a potential downside of 14.64% from the stock’s previous close.
A number of other brokerages have also recently weighed in on LGND. BidaskClub cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. ValuEngine raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Zacks Investment Research raised shares of Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Roth Capital raised their price objective on shares of Ligand Pharmaceuticals from $120.00 to $135.00 in a research note on Tuesday. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Ligand Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $132.47.
Ligand Pharmaceuticals (LGND) traded up 4.34% during midday trading on Tuesday, reaching $127.12. The company had a trading volume of 102,385 shares. Ligand Pharmaceuticals has a 52-week low of $87.50 and a 52-week high of $130.06. The company’s 50 day moving average is $119.76 and its 200-day moving average is $110.74. The company’s market capitalization is $2.67 billion.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.42. The firm had revenue of $28 million during the quarter, compared to analysts’ expectations of $24.40 million. Ligand Pharmaceuticals had a negative net margin of 2.91% and a positive return on equity of 2.57%. The firm’s revenue for the quarter was up 43.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. Equities analysts expect that Ligand Pharmaceuticals will post $2.66 earnings per share for the current fiscal year.
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In other Ligand Pharmaceuticals news, Director Jason Aryeh sold 37,247 shares of Ligand Pharmaceuticals stock in a transaction on Friday, May 12th. The shares were sold at an average price of $110.76, for a total transaction of $4,125,477.72. Following the completion of the sale, the director now owns 58,959 shares of the company’s stock, valued at approximately $6,530,298.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew W. Foehr sold 5,621 shares of Ligand Pharmaceuticals stock in a transaction on Friday, May 12th. The shares were sold at an average price of $112.20, for a total transaction of $630,676.20. Following the sale, the insider now directly owns 98,341 shares of the company’s stock, valued at approximately $11,033,860.20. The disclosure for this sale can be found here. Insiders have sold a total of 59,534 shares of company stock valued at $6,694,514 in the last three months. Company insiders own 14.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in LGND. BlackRock Inc. increased its position in Ligand Pharmaceuticals by 166,566.2% in the first quarter. BlackRock Inc. now owns 2,614,993 shares of the biotechnology company’s stock worth $276,770,000 after buying an additional 2,613,424 shares in the last quarter. William Blair Investment Management LLC increased its position in Ligand Pharmaceuticals by 42.3% in the first quarter. William Blair Investment Management LLC now owns 1,728,178 shares of the biotechnology company’s stock worth $182,910,000 after buying an additional 513,531 shares in the last quarter. Norges Bank acquired a new position in Ligand Pharmaceuticals during the fourth quarter worth $19,500,000. Russell Investments Group Ltd. increased its position in Ligand Pharmaceuticals by 38.2% in the second quarter. Russell Investments Group Ltd. now owns 372,465 shares of the biotechnology company’s stock worth $45,217,000 after buying an additional 102,892 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Ligand Pharmaceuticals during the first quarter worth $10,702,000.
About Ligand Pharmaceuticals
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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