Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Get Free Report) has been given a consensus recommendation of “Moderate Buy” by the eight brokerages that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $304.00.
Several equities analysts recently weighed in on the stock. Royal Bank Of Canada raised their target price on shares of Ligand Pharmaceuticals from $262.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Weiss Ratings cut shares of Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Bank of America lifted their price objective on shares of Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Citigroup boosted their price objective on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Finally, HC Wainwright upped their target price 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.
Check Out Our Latest Research Report on Ligand Pharmaceuticals
Ligand Pharmaceuticals Stock Performance
Ligand Pharmaceuticals (NASDAQ:LGND – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21). The company had revenue of $51.72 million during 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%. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 earnings per share. As a group, sell-side analysts expect that Ligand Pharmaceuticals will post 4.56 earnings per share for the current fiscal year.
Insider Transactions at Ligand Pharmaceuticals
In other news, Director Stephen L. Sabba sold 2,145 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total transaction of $544,830.00. Following the completion of the transaction, the director directly owned 33,629 shares in the company, valued at approximately $8,541,766. The trade was a 6.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jason Haas sold 6,461 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $255.58, for a total value of $1,651,302.38. Following the transaction, the director directly owned 4,981 shares in the company, valued at $1,273,043.98. The trade was a 56.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 35,698 shares of company stock valued at $9,019,252. Company insiders own 7.00% of the company’s stock.
Hedge Funds Weigh In On Ligand Pharmaceuticals
Institutional investors and hedge funds have recently modified their holdings of the stock. UBS Group AG boosted its holdings in Ligand Pharmaceuticals by 27.8% in the 4th quarter. UBS Group AG now owns 143,067 shares of the biotechnology company’s stock valued at $27,050,000 after purchasing an additional 31,081 shares during the period. Legato Capital Management LLC raised its position 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 valued at $4,961,000 after buying an additional 9,944 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 20.1% in the fourth quarter. Fisher Asset Management LLC now owns 130,858 shares of the biotechnology company’s stock valued at $24,741,000 after buying an additional 21,932 shares during the period. Franklin Resources Inc. boosted its stake in shares of Ligand Pharmaceuticals by 115.9% in the fourth quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company’s stock valued at $93,809,000 after buying an additional 266,304 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in Ligand Pharmaceuticals during the third quarter worth approximately $2,789,955,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.
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.
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