Analysts Set Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Target Price at $144.83

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) have been assigned an average rating of "Buy" from the six brokerages that are currently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $144.83.

Several equities research analysts have weighed in on LGND shares. Royal Bank of Canada raised their price target on Ligand Pharmaceuticals from $130.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, November 12th. HC Wainwright restated a "buy" rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Barclays raised their price target on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Benchmark boosted their price target on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, Oppenheimer lifted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an "outperform" rating in a report on Friday, November 8th.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock traded up $2.40 during mid-day trading on Friday, reaching $118.95. 44,864 shares of the company traded hands, compared to its average volume of 136,091. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 46.56 and a beta of 0.99. The firm's 50 day moving average price is $108.00 and its 200 day moving average price is $98.04. Ligand Pharmaceuticals has a 52-week low of $57.00 and a 52-week high of $129.90.

Insider Activity

In related news, COO Matthew E. Korenberg sold 11,389 shares of the business's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $105.61, for a total value of $1,202,792.29. Following the completion of the sale, the chief operating officer now directly owns 49,510 shares in the company, valued at $5,228,751.10. The trade was a 18.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the business's stock in a transaction 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 transaction, the chief financial officer now directly owns 24,610 shares of the company's stock, valued at $2,557,963.40. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,211 shares of company stock worth $3,336,450. Company insiders own 5.90% of the company's stock.

Institutional Trading of Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Sei Investments Co. boosted its stake in Ligand Pharmaceuticals by 224.1% in the 1st quarter. Sei Investments Co. now owns 35,841 shares of the biotechnology company's stock worth $2,620,000 after purchasing an additional 24,784 shares during the period. ProShare Advisors LLC grew its holdings in Ligand Pharmaceuticals by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 4,627 shares of the biotechnology company's stock valued at $338,000 after buying an additional 363 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Ligand Pharmaceuticals by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 1,884,112 shares of the biotechnology company's stock valued at $137,729,000 after acquiring an additional 7,598 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Ligand Pharmaceuticals by 5.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 21,701 shares of the biotechnology company's stock worth $1,580,000 after acquiring an additional 1,037 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Ligand Pharmaceuticals by 4.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,992 shares of the biotechnology company's stock valued at $951,000 after buying an additional 610 shares in the last quarter. 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.