Ligand Pharmaceuticals Inc. (NASDAQ:LGND) shares fell 2.1% during mid-day trading on Friday . The company traded as low as $125.53 and last traded at $126.03, with a volume of 277,157 shares changing hands. The stock had previously closed at $128.72.

A number of brokerages have issued reports on LGND. Roth Capital reissued a “buy” rating and set a $147.00 price objective on shares of Ligand Pharmaceuticals in a report on Saturday, April 23rd. Zacks Investment Research cut Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, Stephens began coverage on Ligand Pharmaceuticals in a report on Wednesday, April 13th. They set an “overweight” rating and a $150.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Ligand Pharmaceuticals has an average rating of “Buy” and a consensus price target of $143.80.

The firm’s 50 day moving average price is $118.89 and its 200 day moving average price is $109.68. The firm has a market capitalization of $2.62 billion and a P/E ratio of 10.37.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Wednesday, May 4th. The biotechnology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.30. The business had revenue of $29.60 million for the quarter, compared to analyst estimates of $26.45 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The firm’s revenue was up 102.7% compared to the same quarter last year. Equities research analysts predict that Ligand Pharmaceuticals Inc. will post $3.30 EPS for the current year.

In other Ligand Pharmaceuticals news, Director Jason Aryeh sold 25,000 shares of the company’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $119.20, for a total value of $2,980,000.00. Following the transaction, the director now directly 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 SEC, which is accessible through this link. Also, Director John W. Kozarich sold 1,000 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $121.57, for a total value of $121,570.00. Following the completion of the transaction, the director now directly owns 43,911 shares in the company, valued at $5,338,260.27. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have recently modified their holdings of LGND. Navellier & Associates Inc raised its position 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 worth $1,044,000 after buying an additional 5,373 shares in the last quarter. PNC Financial Services Group Inc. raised its position 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 worth $1,368,000 after buying an additional 149 shares in the last quarter. State of Tennessee Treasury Department purchased a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth approximately $1,518,000. Comerica Bank raised its position 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 worth $1,800,000 after buying an additional 146 shares in the last quarter. Finally, Matarin Capital Management LLC purchased a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth approximately $1,963,000.

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.

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