Ligand Pharmaceuticals (NASDAQ:LGND) Given New $150.00 Price Target at Barclays

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its target price upped by research analysts at Barclays from $125.00 to $150.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock. Barclays's target price would indicate a potential upside of 24.95% from the company's previous close.

Other analysts also recently issued research reports about the company. Royal Bank of Canada reissued an "outperform" rating and issued a $130.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Benchmark boosted their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, August 12th. HC Wainwright reissued a "buy" rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a report on Friday. Finally, Oppenheimer lifted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a research note on Friday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $139.00.

Ligand Pharmaceuticals Trading Down 7.6 %

LGND traded down $9.85 on Friday, reaching $120.05. The company had a trading volume of 133,733 shares, compared to its average volume of 135,890. The company has a market capitalization of $2.19 billion, a P/E ratio of 55.58 and a beta of 0.99. The company has a fifty day moving average of $105.26 and a 200-day moving average of $94.85. Ligand Pharmaceuticals has a one year low of $51.21 and a one year high of $129.90.

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

Insider Activity

In related news, COO Matthew E. Korenberg sold 1,157 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the completion of the sale, the chief operating officer now directly owns 67,211 shares of the company's stock, valued at approximately $7,093,448.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Matthew E. Korenberg sold 11,389 shares of the business's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $105.61, for a total transaction of $1,202,792.29. Following the transaction, the chief operating officer now directly owns 49,510 shares in the company, valued at $5,228,751.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew E. Korenberg sold 1,157 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the sale, the chief operating officer now owns 67,211 shares of the company's stock, valued at approximately $7,093,448.94. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,368 shares of company stock worth $3,458,560. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Innealta Capital LLC acquired a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $31,000. Rothschild Investment LLC bought a new position in shares of Ligand Pharmaceuticals during the 2nd quarter valued at $34,000. Headlands Technologies LLC lifted its stake in shares of Ligand Pharmaceuticals by 21.7% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company's stock valued at $64,000 after purchasing an additional 135 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ligand Pharmaceuticals by 23.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 125 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Ligand Pharmaceuticals during the second quarter worth $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.

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