Ligand Pharmaceuticals (NASDAQ:LGND) Hits New 52-Week High – Time to Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $256.83 and last traded at $250.7320, with a volume of 19776 shares changing hands. The stock had previously closed at $243.28.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. HC Wainwright upped their price target on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Wall Street Zen cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Royal Bank Of Canada upped their price target on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Bank of America assumed coverage on shares of Ligand Pharmaceuticals in a report on Wednesday, March 11th. They issued a “buy” rating and a $244.00 price target for the company. Finally, Citigroup upped their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.71.

Ligand Pharmaceuticals Price Performance

The company’s fifty day moving average is $224.48 and its 200 day moving average is $206.40. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 2.64 and a beta of 1.17. The company has a quick ratio of 20.95, a current ratio of 21.28 and a debt-to-equity ratio of 0.45.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The business had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. During the same quarter in the previous year, the company posted $1.33 EPS. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities research analysts predict that Ligand Pharmaceuticals Incorporated will post 4.47 EPS for the current year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,000 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $207.87, for a total value of $207,870.00. Following the completion of the sale, the director owned 32,793 shares in the company, valued at $6,816,680.91. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Kozarich sold 1,575 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $223.50, for a total transaction of $352,012.50. Following the completion of the sale, the director owned 41,786 shares of the company’s stock, valued at approximately $9,339,171. This represents a 3.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,968 shares of company stock worth $4,163,441 over the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Ligand Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC lifted its stake in Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 69 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Ligand Pharmaceuticals in the fourth quarter valued at $31,000. USA Financial Formulas acquired a new stake in Ligand Pharmaceuticals in the fourth quarter valued at $43,000. Smartleaf Asset Management LLC raised its position in shares of Ligand Pharmaceuticals by 31.6% in the third quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 65 shares during the period. Finally, JPL Wealth Management LLC bought a new position in shares of Ligand Pharmaceuticals in the third quarter valued at about $52,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.