Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Expected to Rise, Barclays Analyst Says

Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) had its price objective raised by Barclays from $150.00 to $160.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the biotechnology company's stock.

Several other equities analysts have also recently weighed in on the stock. Benchmark lifted their price objective on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. HC Wainwright reissued a "buy" rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Oppenheimer raised their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada upped their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Ligand Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $147.00.

Ligand Pharmaceuticals Trading Up 4.6 %

Shares of NASDAQ LGND traded up $5.43 during midday trading on Monday, reaching $122.34. The company's stock had a trading volume of 118,096 shares, compared to its average volume of 134,822. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 48.74 and a beta of 1.01. Ligand Pharmaceuticals has a one year low of $67.36 and a one year high of $129.90. The company has a 50 day moving average price of $114.39 and a 200 day moving average price of $102.59.

Insider Activity at Ligand Pharmaceuticals

In related news, COO Matthew E. Korenberg sold 9,772 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $101.22, for a total value of $989,121.84. Following the transaction, the chief operating officer now directly owns 50,777 shares of the company's stock, valued at approximately $5,139,647.94. This trade represents a 16.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Octavio Espinoza sold 1,275 shares of the business's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $103.94, for a total value of $132,523.50. Following the completion of the sale, the chief financial officer now owns 24,610 shares of the company's stock, valued at approximately $2,557,963.40. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,728 shares of company stock valued at $2,271,575. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently modified their holdings of LGND. Louisiana State Employees Retirement System lifted its position in shares of Ligand Pharmaceuticals by 4.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,500 shares of the biotechnology company's stock worth $716,000 after purchasing an additional 400 shares during the last quarter. Calamos Advisors LLC lifted its holdings in shares of Ligand Pharmaceuticals by 20.1% during the second quarter. Calamos Advisors LLC now owns 10,847 shares of the biotechnology company's stock worth $914,000 after buying an additional 1,812 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Ligand Pharmaceuticals by 16.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 99,034 shares of the biotechnology company's stock valued at $8,345,000 after acquiring an additional 13,839 shares during the period. Legato Capital Management LLC grew its stake in shares of Ligand Pharmaceuticals by 352.7% in the second quarter. Legato Capital Management LLC now owns 14,120 shares of the biotechnology company's stock worth $1,190,000 after acquiring an additional 11,001 shares during the last quarter. Finally, F M Investments LLC bought a new position in Ligand Pharmaceuticals during the second quarter worth $11,350,000. Institutional investors own 91.28% of the company's stock.

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.