Ligand Pharmaceuticals (NASDAQ:LGND) Trading Down 7.1% – Time to Sell?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares traded down 7.1% during mid-day trading on Monday . The stock traded as low as $245.00 and last traded at $255.2690. 131,886 shares traded hands during trading, a decline of 41% from the average daily volume of 224,522 shares. The stock had previously closed at $274.88.

Analyst Ratings Changes

A number of analysts recently weighed in on LGND shares. Citigroup upped their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Bank of America began coverage on Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They issued a “buy” rating and a $244.00 price objective on the stock. Weiss Ratings cut Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Royal Bank Of Canada increased their target price on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, Oppenheimer raised their target price on Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.71.

Ligand Pharmaceuticals Trading Down 7.1%

The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45. The business has a 50 day simple moving average of $231.70 and a two-hundred day simple moving average of $208.89. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 34.71, a price-to-earnings-growth ratio of 2.92 and a beta of 1.17.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21). The business had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. As a group, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.47 EPS for the current year.

Insider Transactions at Ligand Pharmaceuticals

In related news, Director Jason Aryeh sold 4,500 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $250.00, for a total value of $1,125,000.00. Following the sale, the director directly owned 102,580 shares of the company’s stock, valued at $25,645,000. This represents a 4.20% 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, insider Andrew Reardon sold 5,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the transaction, the insider directly owned 41,382 shares of the company’s stock, valued at approximately $9,396,196.92. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 36,165 shares of company stock valued at $8,553,493 over the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. CIBC Private Wealth Group LLC raised its stake in Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 69 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $31,000. USA Financial Formulas acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $43,000. JPL Wealth Management LLC bought a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at approximately $52,000. Finally, IFP Advisors Inc increased its holdings in shares of Ligand Pharmaceuticals by 1,040.0% in the 4th quarter. IFP Advisors Inc now owns 342 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 312 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.