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

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its target price lifted by investment analysts at Benchmark from $110.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Benchmark's price target indicates a potential upside of 11.34% from the stock's previous close.

Other analysts have also issued research reports about the company. HC Wainwright restated a "buy" rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a report on Friday. Royal Bank of Canada restated an "outperform" rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Oppenheimer upped their price target on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an "outperform" rating in a report on Friday. Finally, Barclays raised their price objective on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Ligand Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $143.17.

Ligand Pharmaceuticals Price Performance

Shares of Ligand Pharmaceuticals stock traded down $8.65 during trading hours on Friday, reaching $121.25. The company's stock had a trading volume of 260,623 shares, compared to its average volume of 103,330. The firm has a 50 day moving average price of $105.57 and a 200-day moving average price of $95.40. Ligand Pharmaceuticals has a one year low of $51.21 and a one year high of $129.90. The stock has a market cap of $2.22 billion, a P/E ratio of 56.13 and a beta of 0.99.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.06 by $0.34. The company had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm's revenue was up 57.2% on a year-over-year basis. During the same quarter last year, the business posted $1.10 earnings per share. As a group, sell-side analysts forecast that Ligand Pharmaceuticals will post 3.47 EPS for the current fiscal year.

Insider Activity

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,275 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following 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 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,275 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the sale, the chief financial officer now directly owns 24,610 shares of the company's stock, valued at approximately $2,557,963.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Matthew E. Korenberg sold 1,157 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total transaction of $122,109.78. Following the completion of the transaction, the chief operating officer now directly owns 67,211 shares in the company, valued at approximately $7,093,448.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,368 shares of company stock valued at $3,458,560. Corporate insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Large investors have recently made changes to their positions in the business. Innealta Capital LLC purchased a new position in shares of Ligand Pharmaceuticals in the 2nd quarter valued at approximately $31,000. Rothschild Investment LLC purchased a new position in shares of Ligand Pharmaceuticals in the second quarter worth $34,000. Headlands Technologies LLC lifted its stake in shares of Ligand Pharmaceuticals by 21.7% during the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company's stock worth $64,000 after buying an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Ligand Pharmaceuticals by 23.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock worth $64,000 after buying an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Ligand Pharmaceuticals during the second quarter valued at $67,000. 91.28% of the stock is owned by institutional investors and hedge funds.

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.