Ligand Pharmaceuticals (NASDAQ:LGND) Coverage Initiated at Stifel Nicolaus

Stifel Nicolaus started coverage on shares of Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) in a research note published on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $143.00 price target on the biotechnology company's stock.

A number of other analysts have also recently weighed in on LGND. Benchmark restated a "buy" rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Barclays raised their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, December 16th. StockNews.com downgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, April 7th. Royal Bank of Canada lifted their price target on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $146.43.

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Ligand Pharmaceuticals Trading Down 0.7 %

Shares of NASDAQ:LGND traded down $0.70 on Thursday, reaching $105.89. The company had a trading volume of 20,464 shares, compared to its average volume of 122,043. The firm has a market capitalization of $2.04 billion, a PE ratio of 42.19 and a beta of 1.07. Ligand Pharmaceuticals has a 52-week low of $67.72 and a 52-week high of $129.90. The firm's 50 day simple moving average is $110.59 and its 200-day simple moving average is $112.13.

Insiders Place Their Bets

In other news, CFO Octavio Espinoza sold 5,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the completion of the sale, the chief financial officer now owns 18,879 shares of the company's stock, valued at $2,171,651.37. The trade was a 20.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of Ligand Pharmaceuticals during the fourth quarter worth approximately $29,652,000. Vanguard Group Inc. boosted its position in Ligand Pharmaceuticals by 5.8% during the fourth quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company's stock worth $223,475,000 after acquiring an additional 115,005 shares during the last quarter. Franklin Resources Inc. grew its stake in Ligand Pharmaceuticals by 95.9% during the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company's stock valued at $19,866,000 after acquiring an additional 90,743 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Ligand Pharmaceuticals by 70.0% during the 4th quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company's stock valued at $17,441,000 after acquiring an additional 67,033 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Ligand Pharmaceuticals by 17,612.5% in the 1st quarter. GAMMA Investing LLC now owns 62,348 shares of the biotechnology company's stock valued at $6,555,000 after acquiring an additional 61,996 shares during the last quarter. 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.