Benchmark Reaffirms Buy Rating for Ligand Pharmaceuticals (NASDAQ:LGND)

Benchmark reissued their buy rating on shares of Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) in a research note published on Monday morning,Benzinga reports. They currently have a $135.00 price objective on the biotechnology company's stock.

A number of other analysts have also recently issued reports on LGND. Oppenheimer boosted their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. HC Wainwright restated a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Royal Bank of Canada raised 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. Finally, Barclays increased their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Ligand Pharmaceuticals has a consensus rating of "Buy" and an average target price of $147.00.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock traded down $0.84 during trading on Monday, hitting $113.80. The company's stock had a trading volume of 117,751 shares, compared to its average volume of 136,284. The stock's fifty day moving average is $115.47 and its 200 day moving average is $103.48. Ligand Pharmaceuticals has a 1-year low of $67.53 and a 1-year high of $129.90. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 45.34 and a beta of 1.01.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total value of $297,501.90. Following the sale, the director now owns 29,515 shares in the company, valued at approximately $3,649,529.75. This trade represents a 7.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LGND. Innealta Capital LLC bought a new position in Ligand Pharmaceuticals during the second quarter valued at about $31,000. Rothschild Investment LLC acquired a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 125 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of Ligand Pharmaceuticals by 21.7% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 135 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Ligand Pharmaceuticals during the second quarter valued at approximately $67,000. Institutional investors and hedge funds own 91.28% of the company's stock.

Ligand Pharmaceuticals Company Profile

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.