HC Wainwright Reaffirms “Buy” Rating for Ligand Pharmaceuticals Incorporated (LGND)
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued to clients and investors on Thursday. They currently have a $157.00 price objective on the biotechnology company’s stock. HC Wainwright’s price objective would suggest a potential upside of 13.25% from the company’s current price.
A number of other brokerages have also issued reports on LGND. TheStreet upgraded shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a research report on Monday, August 7th. ValuEngine upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Stephens reiterated an “overweight” rating and issued a $137.00 price target (up previously from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. BidaskClub upgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Finally, Roth Capital lifted their price target on shares of Ligand Pharmaceuticals from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, August 8th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $138.60.
Shares of Ligand Pharmaceuticals (LGND) opened at 138.63 on Thursday. The firm has a 50-day moving average price of $132.40 and a 200-day moving average price of $118.91. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 338.12 and a beta of 1.01. Ligand Pharmaceuticals has a 12 month low of $87.50 and a 12 month high of $139.00.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The firm had revenue of $28.00 million for the quarter, compared to analyst estimates of $24.40 million. During the same quarter last year, the business earned $0.50 earnings per share. Ligand Pharmaceuticals’s revenue was up 43.6% compared to the same quarter last year. Equities analysts expect that Ligand Pharmaceuticals will post $2.95 EPS for the current fiscal year.
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In other Ligand Pharmaceuticals news, CEO John L. Higgins sold 5,483 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $125.00, for a total value of $685,375.00. Following the transaction, the chief executive officer now owns 144,654 shares in the company, valued at approximately $18,081,750. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Charles S. Berkman sold 18,625 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the completion of the transaction, the vice president now owns 24,423 shares in the company, valued at approximately $3,100,744.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,208 shares of company stock worth $4,733,796. 14.70% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of LGND. State Board of Administration of Florida Retirement System raised its stake in shares of Ligand Pharmaceuticals by 1.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,910 shares of the biotechnology company’s stock valued at $1,261,000 after acquiring an additional 120 shares during the period. US Bancorp DE raised its stake in shares of Ligand Pharmaceuticals by 1.8% in the 1st quarter. US Bancorp DE now owns 3,845 shares of the biotechnology company’s stock valued at $407,000 after acquiring an additional 67 shares during the period. Swiss National Bank raised its stake in shares of Ligand Pharmaceuticals by 1.9% in the 1st quarter. Swiss National Bank now owns 32,600 shares of the biotechnology company’s stock valued at $3,450,000 after acquiring an additional 600 shares during the period. Karp Capital Management Corp purchased a new position in shares of Ligand Pharmaceuticals in the 1st quarter valued at $976,000. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Ligand Pharmaceuticals in the 1st quarter valued at $174,000.
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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