Royal Bank of Canada Forecasts Strong Price Appreciation for Ligand Pharmaceuticals (NASDAQ:LGND) Stock

Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) had its price target increased by Royal Bank of Canada from $130.00 to $140.00 in a research report released on Tuesday,Benzinga reports. They currently have an outperform rating on the biotechnology company's stock.

Several other brokerages also recently weighed in on LGND. Benchmark increased their target price on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday. 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 report on Friday. HC Wainwright reissued a "buy" rating and set a $157.00 price objective on shares of Ligand Pharmaceuticals in a research note on Friday. Finally, Oppenheimer increased their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an "outperform" rating in a report on Friday. Six 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 target price of $144.83.

Ligand Pharmaceuticals Trading Down 2.2 %

LGND traded down $2.73 during trading on Tuesday, hitting $120.74. The company's stock had a trading volume of 120,763 shares, compared to its average volume of 136,735. The business's fifty day simple moving average is $105.93 and its 200 day simple moving average is $95.94. Ligand Pharmaceuticals has a twelve month low of $55.02 and a twelve month high of $129.90. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.99.

Insiders Place Their Bets

In other news, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total transaction of $159,585.00. Following the transaction, the insider now owns 22,534 shares in the company, valued at $2,397,392.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total transaction of $159,585.00. Following the completion of the sale, the insider now owns 22,534 shares of the company's stock, valued at approximately $2,397,392.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Matthew E. Korenberg sold 11,389 shares of Ligand Pharmaceuticals stock in a transaction dated 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 sale, the chief operating officer now directly owns 49,510 shares of the company's stock, valued at $5,228,751.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,368 shares of company stock worth $3,458,560. Company insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Innealta Capital LLC purchased a new stake in Ligand Pharmaceuticals during the 2nd quarter worth approximately $31,000. Rothschild Investment LLC acquired a new position in Ligand Pharmaceuticals in the 2nd quarter valued at approximately $34,000. Headlands Technologies LLC grew its holdings 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 purchasing an additional 135 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ligand Pharmaceuticals by 23.3% during the 3rd 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. bought a new position in shares of Ligand Pharmaceuticals during the second quarter worth about $67,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

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.