Ligand Pharmaceuticals (NASDAQ:LGND) Trading Up 7.3% – Should You Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price was up 7.3% during trading on Thursday . The stock traded as high as $120.32 and last traded at $123.35. Approximately 26,391 shares were traded during trading, a decline of 70% from the average daily volume of 87,548 shares. The stock had previously closed at $115.01.

Analysts Set New Price Targets

Several equities research analysts have recently commented on LGND shares. Royal Bank of Canada upped their price target on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Oppenheimer upped their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Barclays upped their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Ligand Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Stock Up 5.7 %

The company has a market cap of $2.31 billion, a price-to-earnings ratio of 48.70 and a beta of 1.04. The company has a fifty day simple moving average of $114.03 and a two-hundred day simple moving average of $111.01.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 2,104 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $116.37, for a total transaction of $244,842.48. Following the sale, the chief financial officer now owns 20,647 shares of the company’s stock, valued at $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth about $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Ligand Pharmaceuticals by 26.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company’s stock worth $5,400,000 after buying an additional 10,563 shares during the period. Squarepoint Ops LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth about $1,800,000. ProShare Advisors LLC lifted its position in Ligand Pharmaceuticals by 32.0% during the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company’s stock worth $658,000 after buying an additional 1,490 shares during the period. Finally, Northeast Financial Consultants Inc purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth about $201,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

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.