Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Get Free Report) were down 7.1% during trading on Monday . The stock traded as low as $245.00 and last traded at $255.2690. Approximately 131,886 shares changed hands during trading, a decline of 41% from the average session volume of 224,522 shares. The stock had previously closed at $274.88.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on LGND shares. Citigroup boosted their target price on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Bank of America initiated coverage on Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They issued a “buy” rating and a $244.00 price target for the company. HC Wainwright upped their price objective on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings downgraded Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $257.71.
Check Out Our Latest Stock Analysis on Ligand Pharmaceuticals
Ligand Pharmaceuticals Stock Up 6.6%
Ligand Pharmaceuticals (NASDAQ:LGND – Get Free Report) last released its earnings results 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). The business had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. On average, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.47 EPS for the current year.
Insiders Place Their Bets
In other news, insider Andrew Reardon sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the transaction, the insider directly owned 41,382 shares of the company’s stock, valued at approximately $9,396,196.92. This trade represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen L. Sabba sold 2,145 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $254.00, for a total value of $544,830.00. Following the completion of the sale, the director owned 33,629 shares of the company’s stock, valued at $8,541,766. The trade was a 6.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 36,165 shares of company stock worth $8,553,493. 7.00% of the stock is owned by company insiders.
Institutional Investors Weigh In On Ligand Pharmaceuticals
Several hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC increased its stake in shares of Ligand Pharmaceuticals by 86.3% during the third 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 during the period. Kestra Advisory Services LLC purchased a new stake in Ligand Pharmaceuticals in the fourth quarter worth about $31,000. USA Financial Formulas bought a new position in Ligand Pharmaceuticals during the 4th quarter worth about $43,000. JPL Wealth Management LLC bought a new position in Ligand Pharmaceuticals during the 3rd quarter worth about $52,000. Finally, Covestor Ltd grew its holdings in Ligand Pharmaceuticals by 17,050.0% during the 4th quarter. Covestor Ltd now owns 343 shares of the biotechnology company’s stock worth $65,000 after acquiring an additional 341 shares in the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.
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.
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