Ligand Pharmaceuticals (NASDAQ:LGND) Reaches New 12-Month High – Should You Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $116.38 and last traded at $114.96, with a volume of 35159 shares trading hands. The stock had previously closed at $111.13.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Benchmark upped their target price on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Barclays upped their target price on Ligand Pharmaceuticals from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Oppenheimer started coverage on Ligand Pharmaceuticals in a research report on Thursday, October 3rd. They set an “outperform” rating and a $135.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $157.00 price objective on shares of Ligand Pharmaceuticals in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $132.83.

Ligand Pharmaceuticals Stock Up 5.2 %

The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 54.12 and a beta of 0.99. The business has a 50-day simple moving average of $104.58 and a two-hundred day simple moving average of $94.45.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.34. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm had revenue of $41.50 million during the quarter, compared to the consensus estimate of $33.04 million. During the same period in the prior year, the firm posted $1.10 earnings per share. The firm’s revenue for the quarter was up 57.2% compared to the same quarter last year. On average, analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current year.

Insider Activity

In other news, COO Matthew E. Korenberg sold 1,157 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total transaction of $122,109.78. Following the completion of the sale, the chief operating officer now owns 67,211 shares in the company, valued at approximately $7,093,448.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ligand Pharmaceuticals news, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $105.54, for a total transaction of $122,109.78. Following the sale, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at $7,093,448.94. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Reardon sold 2,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $99.60, for a total transaction of $199,200.00. Following the sale, the insider now directly owns 22,534 shares in the company, valued at approximately $2,244,386.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,613 shares of company stock worth $5,255,692. Insiders own 5.90% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Ligand Pharmaceuticals during the 2nd quarter valued at $31,000. Rothschild Investment LLC acquired a new position in shares of Ligand Pharmaceuticals in the second quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Ligand Pharmaceuticals by 23.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 125 shares during the last quarter. Headlands Technologies LLC increased its stake in shares of Ligand Pharmaceuticals by 21.7% in the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 135 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Ligand Pharmaceuticals in the second quarter worth $67,000. 91.28% of the stock is owned by institutional investors and hedge funds.

About Ligand Pharmaceuticals

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.