Ligand Pharmaceuticals Inc. (LGND) Sees Large Volume Increase
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) saw unusually-strong trading volume on Monday . Approximately 362,279 shares traded hands during trading, an increase of 2% from the previous session’s volume of 355,593 shares.The stock last traded at $126.33 and had previously closed at $125.86.
Several equities research analysts recently commented on LGND shares. Zacks Investment Research raised Ligand Pharmaceuticals from a “hold” rating to a “buy” rating and set a $136.00 target price on the stock in a report on Tuesday, May 10th. Stephens started coverage on Ligand Pharmaceuticals in a report on Wednesday, April 13th. They set an “overweight” rating and a $150.00 target price on the stock. Finally, Roth Capital reissued a “buy” rating and set a $147.00 target price on shares of Ligand Pharmaceuticals in a report on Thursday, May 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Ligand Pharmaceuticals presently has an average rating of “Buy” and an average price target of $143.80.
The company has a market cap of $2.64 billion and a P/E ratio of 10.43. The stock’s 50-day moving average is $118.21 and its 200-day moving average is $109.14.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Wednesday, May 4th. The biotechnology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.67 by $0.30. The company had revenue of $29.60 million for the quarter, compared to the consensus estimate of $26.45 million. During the same period in the previous year, the firm posted $0.33 EPS. The business’s quarterly revenue was up 102.7% on a year-over-year basis. Equities analysts forecast that Ligand Pharmaceuticals Inc. will post $3.30 EPS for the current fiscal year.
In related news, Director Jason Aryeh sold 25,000 shares of Ligand Pharmaceuticals stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $119.20, for a total transaction of $2,980,000.00. Following the completion of the sale, the director now owns 58,337 shares of the company’s stock, valued at approximately $6,953,770.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Kozarich sold 1,000 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $121.57, for a total transaction of $121,570.00. Following the sale, the director now directly owns 43,911 shares of the company’s stock, valued at approximately $5,338,260.27. The disclosure for this sale can be found here.
A number of hedge funds have modified their holdings of the company. Navellier & Associates Inc boosted its stake in shares of Ligand Pharmaceuticals by 126.3% in the fourth quarter. Navellier & Associates Inc now owns 9,627 shares of the biotechnology company’s stock valued at $1,044,000 after buying an additional 5,373 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Ligand Pharmaceuticals by 1.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 12,628 shares of the biotechnology company’s stock valued at $1,368,000 after buying an additional 149 shares during the period. Numeric Investors LLC boosted its stake in shares of Ligand Pharmaceuticals by 432.3% in the fourth quarter. Numeric Investors LLC now owns 16,500 shares of the biotechnology company’s stock valued at $1,789,000 after buying an additional 13,400 shares during the period. Comerica Bank boosted its stake in shares of Ligand Pharmaceuticals by 0.8% in the fourth quarter. Comerica Bank now owns 18,385 shares of the biotechnology company’s stock valued at $1,800,000 after buying an additional 146 shares during the period. Finally, Matarin Capital Management LLC acquired a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at $1,963,000.
Ligand Pharmaceuticals Incorporated (Ligand) is a biotechnology company that operates with a business model focused on developing or acquiring revenue generating assets and coupling them with a lean corporate cost structure. The Company’s technology CAPTISOL is a formulation technology that has enabled seven United States Food and Drug Administration (FDA) approved products including Kyprolis and Noxafil-IV and is being developed in several clinical-stage partner programs.
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