Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Get Free Report) saw strong trading volume on Tuesday . 424,651 shares changed hands during mid-day trading, an increase of 84% from the previous session’s volume of 231,054 shares.The stock last traded at $266.0550 and had previously closed at $262.17.
Analyst Ratings Changes
Several research firms recently issued reports on LGND. Bank of America started coverage on Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They set a “buy” rating and a $244.00 price objective for the company. Citigroup upped their target price on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Royal Bank Of Canada raised their price target on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Wall Street Zen downgraded Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, HC Wainwright boosted their price objective on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Seven 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 a consensus rating of “Moderate Buy” and a consensus price target of $257.71.
Check Out Our Latest Research Report on LGND
Ligand Pharmaceuticals Price Performance
Ligand Pharmaceuticals (NASDAQ:LGND – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.21). The firm had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. Ligand Pharmaceuticals’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 earnings per share. Research analysts expect that Ligand Pharmaceuticals Incorporated will post 4.47 EPS for the current fiscal year.
Insider Transactions at Ligand Pharmaceuticals
In other news, Director John L. Lamattina sold 4,591 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $250.88, for a total value of $1,151,790.08. Following the completion of the sale, the director owned 26,969 shares of the company’s stock, valued at approximately $6,765,982.72. This represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jason Haas sold 6,461 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $255.58, for a total transaction of $1,651,302.38. Following the transaction, the director directly owned 4,981 shares in the company, valued at approximately $1,273,043.98. This represents a 56.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 36,165 shares of company stock worth $8,553,493. Corporate insiders own 7.00% of the company’s stock.
Institutional Investors Weigh In On Ligand Pharmaceuticals
Hedge funds and other institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC lifted its position in Ligand Pharmaceuticals by 2.7% in the 3rd quarter. Fisher Asset Management LLC now owns 108,926 shares of the biotechnology company’s stock valued at $19,295,000 after acquiring an additional 2,860 shares in the last quarter. UBS Group AG increased its holdings in shares of Ligand Pharmaceuticals by 27.8% in the 4th quarter. UBS Group AG now owns 143,067 shares of the biotechnology company’s stock worth $27,050,000 after purchasing an additional 31,081 shares in the last quarter. Legato Capital Management LLC raised its stake in shares of Ligand Pharmaceuticals by 61.0% in the fourth quarter. Legato Capital Management LLC now owns 26,241 shares of the biotechnology company’s stock worth $4,961,000 after purchasing an additional 9,944 shares during the last quarter. Clark Capital Management Group Inc. raised its stake in shares of Ligand Pharmaceuticals by 16.7% in the third quarter. Clark Capital Management Group Inc. now owns 82,991 shares of the biotechnology company’s stock worth $14,701,000 after purchasing an additional 11,858 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of Ligand Pharmaceuticals during the third quarter valued at $2,789,955,000. Institutional investors own 91.28% of the company’s stock.
About Ligand Pharmaceuticals
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.
Featured Articles
- Five stocks we like better than Ligand Pharmaceuticals
- Amazon’s Pullback Deepens as a New FTC Risk Hits the Stock
- The Biotech Sector Looks Ready for a Multi-Year Breakout—Here’s What to Watch.
- How Intel Is Packaging the Future of American Chips
- These AI Stocks Have Insider Selling, But Buyers Still Have a Reason to Stay
Receive News & Ratings for Ligand Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ligand Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.
