Ligand Pharmaceuticals (NASDAQ:LGND) Sets New 12-Month High – What’s Next?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $321.89 and last traded at $316.6020, with a volume of 37121 shares trading hands. The stock had previously closed at $319.55.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. HC Wainwright lifted their price target on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Citigroup raised their price objective on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Bank of America started coverage on Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They issued a “buy” rating and a $244.00 price objective for the company. 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 report on Friday, May 8th. Finally, Weiss Ratings lowered shares of Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 15th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.71.

Ligand Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 21.28 and a quick ratio of 20.95. The stock has a 50 day moving average price of $251.01 and a 200-day moving average price of $218.60. The stock has a market capitalization of $6.40 billion, a price-to-earnings ratio of 43.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.10.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The firm had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. During the same period in the prior year, the company posted $1.33 earnings per share. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts forecast that Ligand Pharmaceuticals Incorporated will post 4.25 earnings per share for the current year.

Insider Activity

In related news, Director Jason Haas sold 6,461 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $255.58, for a total transaction of $1,651,302.38. Following the completion of the sale, the director owned 4,981 shares of the company’s stock, valued at approximately $1,273,043.98. This represents a 56.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen L. Sabba sold 2,145 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total transaction of $544,830.00. Following the completion of the transaction, the director directly owned 33,629 shares in the company, valued at $8,541,766. This trade represents a 6.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,698 shares of company stock valued at $9,019,252 in 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 institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC grew its holdings in Ligand Pharmaceuticals by 86.3% in the 3rd 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 during the 4th quarter valued at about $31,000. USA Financial Formulas purchased a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at about $43,000. JPL Wealth Management LLC purchased a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $52,000. Finally, Covestor Ltd increased its position in Ligand Pharmaceuticals by 17,050.0% during the fourth quarter. Covestor Ltd now owns 343 shares of the biotechnology company’s stock worth $65,000 after purchasing an additional 341 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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.