Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Given Consensus Rating of "Buy" by Brokerages

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) have received a consensus recommendation of "Buy" from the six analysts that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $147.00.

A number of research firms have commented on LGND. 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 raised their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a "buy" rating in a report on Friday, November 8th. HC Wainwright reiterated a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Barclays increased their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday. 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.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the 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 directly owns 29,515 shares of the company's stock, valued at approximately $3,649,529.75. This represents a 7.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Matthew E. Korenberg sold 9,772 shares of Ligand Pharmaceuticals stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $101.22, for a total transaction of $989,121.84. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,728 shares of company stock worth $2,271,575. Company insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Fisher Asset Management LLC boosted its holdings in Ligand Pharmaceuticals by 12.4% in the third quarter. Fisher Asset Management LLC now owns 59,574 shares of the biotechnology company's stock valued at $5,963,000 after purchasing an additional 6,555 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ligand Pharmaceuticals by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 163,924 shares of the biotechnology company's stock valued at $16,407,000 after buying an additional 8,584 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Ligand Pharmaceuticals by 16.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 115,480 shares of the biotechnology company's stock valued at $11,558,000 after buying an additional 16,446 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Ligand Pharmaceuticals by 7.2% during the second quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company's stock worth $17,091,000 after acquiring an additional 13,595 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in Ligand Pharmaceuticals in the second quarter worth $608,000. Hedge funds and other institutional investors own 91.28% of the company's stock.

Ligand Pharmaceuticals Stock Performance

Shares of Ligand Pharmaceuticals stock traded down $1.91 on Tuesday, reaching $120.43. The company had a trading volume of 131,071 shares, compared to its average volume of 134,806. The firm's 50 day moving average price is $114.39 and its two-hundred day moving average price is $102.59. Ligand Pharmaceuticals has a 52-week low of $67.36 and a 52-week high of $129.90. The firm has a market cap of $2.28 billion, a PE ratio of 47.98 and a beta of 1.01.

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.