Ligand Pharmaceuticals Incorporated (LGND) Receives “Buy” Rating from Roth Capital
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)‘s stock had its “buy” rating reissued by Roth Capital in a research report issued to clients and investors on Wednesday. They presently have a $158.00 price objective on the biotechnology company’s stock, up from their prior price objective of $135.00. Roth Capital’s price target points to a potential upside of 10.34% from the company’s previous close.
Several other analysts have also recently commented on the company. TheStreet upgraded Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. HC Wainwright reissued a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a research note on Thursday, October 5th. BidaskClub lowered Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research lowered Ligand Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, ValuEngine raised Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $139.00.
Shares of Ligand Pharmaceuticals (NASDAQ LGND) traded down 0.01% during midday trading on Wednesday, reaching $143.19. 204,066 shares of the company’s stock were exchanged. The company’s 50 day moving average is $134.13 and its 200-day moving average is $120.07. Ligand Pharmaceuticals has a 12 month low of $87.50 and a 12 month high of $144.34. The stock has a market cap of $3.01 billion, a PE ratio of 349.24 and a beta of 1.01.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.42. The firm had revenue of $28.00 million for the quarter, compared to analysts’ expectations of $24.40 million. Ligand Pharmaceuticals had a return on equity of 5.05% and a net margin of 7.39%. The business’s revenue for the quarter was up 43.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. Equities analysts forecast that Ligand Pharmaceuticals will post $2.95 EPS for the current fiscal year.
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In related news, CEO John L. Higgins sold 5,000 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $130.00, for a total transaction of $650,000.00. Following the sale, the chief executive officer now owns 144,171 shares of the company’s stock, valued at approximately $18,742,230. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jason Aryeh sold 2,000 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $127.99, for a total value of $255,980.00. Following the sale, the director now directly owns 59,625 shares in the company, valued at approximately $7,631,403.75. The disclosure for this sale can be found here. Insiders have sold a total of 37,208 shares of company stock valued at $4,733,796 in the last quarter. 14.70% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the business. Ashford Capital Management Inc. raised its holdings in shares of Ligand Pharmaceuticals by 1.8% in the 2nd quarter. Ashford Capital Management Inc. now owns 132,257 shares of the biotechnology company’s stock valued at $16,056,000 after acquiring an additional 2,352 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $500,000. Ameritas Investment Partners Inc. raised its holdings in shares of Ligand Pharmaceuticals by 9.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,799 shares of the biotechnology company’s stock valued at $218,000 after buying an additional 154 shares in the last quarter. Castleark Management LLC purchased a new position in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $9,552,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Ligand Pharmaceuticals by 6.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,630 shares of the biotechnology company’s stock valued at $1,897,000 after buying an additional 896 shares in the last quarter.
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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