HC Wainwright Reaffirms Buy Rating for Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals (NASDAQ:LGND)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report released on Thursday. They currently have a $169.00 target price on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 8.47% from the company’s current price.

The analysts wrote, “We View Licensing of Macrilen as Highly Synergistic; Reit Buy and $18 PT Ahead of Recorlev Data in 2Q18 What’s new? Yesterday, Strongbridge announced the acquisition of U.S. and Canadian rights for Macrilen, a newly approved drug for the diagnostic testing of adult growth hormone deficiency (AGHD). In our opinion, this acquisition confirms SBBP’s confidence in the upcoming Recorlev trial and stakes a claim as potentially having two compounds in the rare endocrine space. Moreover, we view targeting the AGHD diagnostic field as a thus far untapped market that we believe will include traumatic brain injury patients with a wide degree of severity. Lastly, we believe that the endocrine community is well versed in the use of pharmacological agents as diagnostics and that uptake and acceptance of this approach should be fairly straight-forward. With this new agent in house as well as top-line data for Recorlev on deck in 2Q18, we reiterate our Buy rating and $18 price target.””

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Roth Capital set a $158.00 target price on Ligand Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, November 13th. Craig Hallum reiterated a “buy” rating and set a $170.00 target price (up from $160.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, November 15th. BidaskClub upgraded Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, January 5th. Finally, Deutsche Bank lowered Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and set a $105.00 target price on the stock. in a report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Ligand Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $150.67.

Ligand Pharmaceuticals (LGND) traded up $5.25 during mid-day trading on Thursday, reaching $155.81. The company’s stock had a trading volume of 458,691 shares, compared to its average volume of 166,947. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $3,288.37, a price-to-earnings ratio of 225.81, a PEG ratio of 1.67 and a beta of 0.91. Ligand Pharmaceuticals has a 52-week low of $95.08 and a 52-week high of $156.30.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Thursday, November 9th. The biotechnology company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.32. The firm had revenue of $33.38 million for the quarter, compared to analyst estimates of $31.04 million. Ligand Pharmaceuticals had a return on equity of 7.83% and a net margin of 12.76%. The company’s revenue for the quarter was up 54.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. sell-side analysts expect that Ligand Pharmaceuticals will post 3.15 earnings per share for the current year.

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 925 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $137.25, for a total value of $126,956.25. Following the sale, the director now owns 26,985 shares of the company’s stock, valued at approximately $3,703,691.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John L. Higgins sold 5,269 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $142.53, for a total value of $750,990.57. Following the completion of the sale, the chief executive officer now directly owns 143,542 shares in the company, valued at approximately $20,459,041.26. The disclosure for this sale can be found here. Insiders sold a total of 20,253 shares of company stock worth $2,884,507 in the last three months. Company insiders own 8.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in LGND. Harbor Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at about $204,000. Round Table Services LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at about $205,000. Riverhead Capital Management LLC raised its stake in shares of Ligand Pharmaceuticals by 99.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,798 shares of the biotechnology company’s stock valued at $218,000 after purchasing an additional 898 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Ligand Pharmaceuticals by 9.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,799 shares of the biotechnology company’s stock valued at $218,000 after purchasing an additional 154 shares during the period. Finally, Stephens Inc. AR raised its stake in shares of Ligand Pharmaceuticals by 13.0% in the 2nd quarter. Stephens Inc. AR now owns 1,821 shares of the biotechnology company’s stock valued at $221,000 after purchasing an additional 210 shares during the period.

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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.

Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

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