Ligand Pharmaceuticals (NASDAQ:LGND) Shares Down 7.7% - Should You Sell?

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) were down 7.7% during mid-day trading on Friday . The stock traded as low as $116.96 and last traded at $119.94. Approximately 28,443 shares changed hands during trading, a decline of 79% from the average daily volume of 135,405 shares. The stock had previously closed at $129.90.

Analyst Upgrades and Downgrades

LGND has been the topic of several research reports. Oppenheimer upped their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an "outperform" rating in a report on Friday. Royal Bank of Canada reissued an "outperform" rating and set a $130.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Barclays raised their price target on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday. HC Wainwright restated a "buy" rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a research report on Friday. Finally, Benchmark lifted their price objective on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $143.17.

Ligand Pharmaceuticals Stock Down 6.7 %

The company has a 50 day moving average of $105.57 and a 200 day moving average of $95.40. The stock has a market capitalization of $2.22 billion, a price-to-earnings 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, topping the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The business had revenue of $41.50 million for the quarter, compared to analysts' expectations of $33.04 million. During the same period last year, the company earned $1.10 earnings per share. The company's quarterly revenue was up 57.2% on a year-over-year basis. On average, research analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 1,275 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $103.94, for a total value of $132,523.50. Following the transaction, the chief financial officer now directly owns 24,610 shares in the company, valued at $2,557,963.40. This trade 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. In related news, COO Matthew E. Korenberg sold 9,772 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $101.22, for a total value of $989,121.84. Following the completion of the sale, the chief operating officer now directly owns 50,777 shares in the company, valued at approximately $5,139,647.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $103.94, for a total value of $132,523.50. Following the transaction, the chief financial officer now owns 24,610 shares in the company, valued at approximately $2,557,963.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,368 shares of company stock valued at $3,458,560. Company insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several hedge funds have recently modified their holdings of LGND. Woodstock Corp grew its position in Ligand Pharmaceuticals by 0.3% in the third quarter. Woodstock Corp now owns 29,211 shares of the biotechnology company's stock valued at $2,924,000 after acquiring an additional 100 shares in the last quarter. Creative Planning grew its holdings in Ligand Pharmaceuticals by 4.0% during the 3rd quarter. Creative Planning now owns 2,896 shares of the biotechnology company's stock valued at $290,000 after purchasing an additional 111 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 valued at $64,000 after purchasing an additional 125 shares in the last quarter. Headlands Technologies LLC increased its stake in Ligand Pharmaceuticals by 21.7% during the 2nd 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. Finally, Arizona State Retirement System lifted its holdings in Ligand Pharmaceuticals by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company's stock worth $397,000 after buying an additional 156 shares in the last quarter. 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.