Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $150.00 at Barclays

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its target price lifted by 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 price target points to a potential upside of 23.71% from the company's previous close.

LGND has been the subject of a number of other reports. HC Wainwright restated a "buy" rating and set a $157.00 price objective on shares of Ligand Pharmaceuticals in a research report on Friday. Benchmark boosted their price objective on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Royal Bank of Canada reiterated an "outperform" rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 7th. Finally, Oppenheimer boosted 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Ligand Pharmaceuticals has an average rating of "Buy" and a consensus target price of $143.17.

Ligand Pharmaceuticals Stock Down 6.7 %

Shares of LGND stock traded down $8.65 during trading hours on Friday, reaching $121.25. 260,620 shares of the stock traded hands, compared to its average volume of 103,330. The business has a fifty day moving average price of $105.57 and a 200 day moving average price of $95.22. Ligand Pharmaceuticals has a 1-year low of $51.21 and a 1-year high of $129.90. The firm has a market capitalization of $2.22 billion, a PE ratio of 56.13 and a beta of 0.99.

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

Insider Transactions at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 2,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the transaction, the insider now directly owns 22,534 shares in the company, valued at approximately $2,244,386.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, 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 transaction, the chief operating officer now owns 67,211 shares of the company's stock, valued at $7,093,448.94. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew Reardon sold 2,000 shares of Ligand Pharmaceuticals stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the sale, the insider now directly owns 22,534 shares of the company's stock, valued at approximately $2,244,386.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,368 shares of company stock valued at $3,458,560 in the last three months. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LGND. Vanguard Group Inc. boosted its stake in Ligand Pharmaceuticals by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 1,884,112 shares of the biotechnology company's stock worth $137,729,000 after acquiring an additional 7,598 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Ligand Pharmaceuticals by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company's stock worth $59,707,000 after purchasing an additional 44,543 shares in the last quarter. Congress Asset Management Co. grew its holdings in shares of Ligand Pharmaceuticals by 3.0% in the 3rd quarter. Congress Asset Management Co. now owns 604,038 shares of the biotechnology company's stock valued at $60,458,000 after buying an additional 17,414 shares during the period. Chicago Capital LLC increased its position in shares of Ligand Pharmaceuticals by 6.0% in the 3rd quarter. Chicago Capital LLC now owns 545,821 shares of the biotechnology company's stock valued at $54,631,000 after buying an additional 30,875 shares in the last quarter. Finally, Rice Hall James & Associates LLC raised its stake in Ligand Pharmaceuticals by 7.0% during the 3rd quarter. Rice Hall James & Associates LLC now owns 312,879 shares of the biotechnology company's stock worth $31,316,000 after buying an additional 20,404 shares during the period. Institutional investors own 91.28% of the company's stock.

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.