Ligand Pharmaceuticals Inc. (NASDAQ:LGND)‘s stock had its “buy” rating reiterated by investment analysts at Roth Capital in a research note issued on Wednesday. They currently have a $150.00 target price on the biotechnology company’s stock, down from their previous target price of $151.00. Roth Capital’s target price points to a potential upside of 50.54% from the stock’s current price.
LGND has been the subject of several other reports. Deutsche Bank AG downgraded Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and increased their price target for the stock from $104.00 to $110.00 in a report on Friday, August 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, Vetr raised Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 price target for the company in a report on Wednesday, August 10th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $136.33.
Shares of Ligand Pharmaceuticals (NASDAQ:LGND) opened at 99.64 on Wednesday. Ligand Pharmaceuticals has a 52 week low of $81.13 and a 52 week high of $139.79. The firm has a market capitalization of $2.08 billion, a PE ratio of 9.40 and a beta of 1.27. The firm’s 50-day moving average is $110.53 and its 200 day moving average is $117.10.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.10. The business earned $19.50 million during the quarter, compared to the consensus estimate of $18.12 million. Ligand Pharmaceuticals had a return on equity of 11.64% and a net margin of 263.14%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.81 earnings per share. On average, equities analysts forecast that Ligand Pharmaceuticals will post $3.45 earnings per share for the current year.
In other news, CEO John L. Higgins sold 3,000 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $117.34, for a total value of $352,020.00. Following the completion of the transaction, the chief executive officer now owns 122,664 shares in the company, valued at $14,393,393.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John W. Kozarich sold 1,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $137.57, for a total value of $137,570.00. Following the completion of the transaction, the director now owns 41,783 shares of the company’s stock, valued at approximately $5,748,087.31. The disclosure for this sale can be found here. 14.70% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Ligand Pharmaceuticals by 8.0% in the second quarter. Vanguard Group Inc. now owns 1,515,814 shares of the biotechnology company’s stock worth $180,790,000 after buying an additional 111,807 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Ligand Pharmaceuticals by 6.5% in the second quarter. BlackRock Fund Advisors now owns 1,466,467 shares of the biotechnology company’s stock worth $174,906,000 after buying an additional 89,463 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of Ligand Pharmaceuticals by 2.1% in the second quarter. William Blair Investment Management LLC now owns 1,255,277 shares of the biotechnology company’s stock worth $149,717,000 after buying an additional 25,825 shares in the last quarter. FMR LLC boosted its position in shares of Ligand Pharmaceuticals by 8.2% in the second quarter. FMR LLC now owns 1,055,463 shares of the biotechnology company’s stock worth $125,885,000 after buying an additional 80,200 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Ligand Pharmaceuticals by 5.3% in the second quarter. State Street Corp now owns 737,003 shares of the biotechnology company’s stock worth $87,904,000 after buying an additional 37,215 shares in the last quarter.
About Ligand Pharmaceuticals
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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