Ligand Pharmaceuticals (NASDAQ:LGND) Reaches New 52-Week High – Should You Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $212.49 and last traded at $208.70, with a volume of 225493 shares changing hands. The stock had previously closed at $209.29.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LGND. Wall Street Zen upgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Weiss Ratings raised shares of Ligand Pharmaceuticals from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. HC Wainwright increased their price objective on Ligand Pharmaceuticals from $206.00 to $231.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Benchmark raised their price objective on Ligand Pharmaceuticals from $175.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, Oppenheimer upped their target price on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $206.33.

Ligand Pharmaceuticals Trading Down 0.7%

The business’s 50-day simple moving average is $179.83 and its 200-day simple moving average is $143.56. The company has a market capitalization of $4.06 billion, a PE ratio of -51.83 and a beta of 0.91.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, November 6th. The biotechnology company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $1.13. The business had revenue of $86.89 million for the quarter, compared to analysts’ expectations of $58.71 million. Ligand Pharmaceuticals had a negative net margin of 40.44% and a negative return on equity of 9.21%. The business’s revenue was up 123.0% on a year-over-year basis. During the same quarter last year, the company earned $1.84 EPS. Ligand Pharmaceuticals has set its FY 2025 guidance at 7.400-7.650 EPS. Sell-side analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Jason Aryeh sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $170.81, for a total transaction of $1,708,100.00. Following the completion of the transaction, the director directly owned 69,289 shares in the company, valued at approximately $11,835,254.09. This represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John W. Kozarich sold 467 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $191.05, for a total transaction of $89,220.35. Following the completion of the sale, the director owned 44,588 shares in the company, valued at approximately $8,518,537.40. This trade represents a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 11,401 shares of company stock valued at $1,956,894. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Xponance Inc. acquired a new position in Ligand Pharmaceuticals during the third quarter worth $266,000. Choreo LLC acquired a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at $287,000. JPMorgan Chase & Co. grew its position in shares of Ligand Pharmaceuticals by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 39,718 shares of the biotechnology company’s stock worth $7,036,000 after buying an additional 1,703 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Ligand Pharmaceuticals during the 3rd quarter worth $2,395,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Ligand Pharmaceuticals by 10.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,830 shares of the biotechnology company’s stock valued at $324,000 after acquiring an additional 174 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.