Stifel Nicolaus Issues Positive Forecast for Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target lifted by Stifel Nicolaus from $255.00 to $332.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Other analysts have also issued reports about the company. Royal Bank Of Canada lifted their price target on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Bank of America started coverage on shares of Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They set a “buy” rating and a $244.00 price target for the company. HC Wainwright raised their price objective on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Citigroup increased their target price on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings lowered shares of Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $272.29.

Ligand Pharmaceuticals Trading Down 1.4%

Shares of Ligand Pharmaceuticals stock opened at $314.88 on Wednesday. The company has a market capitalization of $6.31 billion, a P/E ratio of 42.72, a price-to-earnings-growth ratio of 3.57 and a beta of 1.10. The stock has a fifty day simple moving average of $252.48 and a 200 day simple moving average of $219.42. Ligand Pharmaceuticals has a 12-month low of $116.44 and a 12-month high of $326.63. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The company had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. During the same quarter last year, the business posted $1.33 earnings per share. Ligand Pharmaceuticals’s revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts anticipate that Ligand Pharmaceuticals will post 4.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jason Haas sold 6,461 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $255.58, for a total transaction of $1,651,302.38. Following the sale, the director directly owned 4,981 shares in the company, valued at approximately $1,273,043.98. The trade was a 56.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Reardon sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $313.28, for a total value of $1,566,400.00. Following the sale, the insider owned 41,514 shares in the company, valued at approximately $13,005,505.92. This represents a 10.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,698 shares of company stock valued at $9,019,252 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

A number of large investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC raised its position in shares of Ligand Pharmaceuticals by 86.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 69 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Ligand Pharmaceuticals in the 4th quarter worth approximately $31,000. USA Financial Formulas purchased a new stake in Ligand Pharmaceuticals in the fourth quarter worth approximately $43,000. JPL Wealth Management LLC purchased a new position in shares of Ligand Pharmaceuticals during the third quarter worth approximately $52,000. Finally, Covestor Ltd lifted its holdings in shares of Ligand Pharmaceuticals by 17,050.0% in the 4th quarter. Covestor Ltd now owns 343 shares of the biotechnology company’s stock worth $65,000 after acquiring an additional 341 shares during the last quarter. Institutional investors 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.