Ligand Pharmaceuticals Inc. (NASDAQ:LGND) dropped 6.2% during trading on Friday . The company traded as low as $119.16 and last traded at $124.17, with a volume of 909,305 shares. The stock had previously closed at $132.41.

LGND has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, April 12th. Roth Capital restated a “buy” rating and set a $147.00 target price on shares of Ligand Pharmaceuticals in a research note on Tuesday, July 19th. Stephens initiated coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, April 13th. They set an “overweight” rating and a $150.00 target price on the stock. Finally, Deutsche Bank AG cut shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and raised their target price for the stock from $104.00 to $110.00 in a research note on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $138.17.

The company has a market cap of $2.57 billion and a PE ratio of 10.15. The stock’s 50 day moving average is $125.32 and its 200-day moving average is $112.87.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.10. During the same quarter last year, the company earned $1.81 EPS. The company had revenue of $19.50 million for the quarter, compared to analyst estimates of $18.12 million. The business’s revenue was up 6.0% compared to the same quarter last year. On average, equities analysts expect that Ligand Pharmaceuticals Inc. will post $3.30 EPS for the current year.

In related news, Director John W. Kozarich sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $117.42, for a total value of $117,420.00. Following the sale, the director now owns 43,361 shares in the company, valued at $5,091,448.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Melanie J. Herman sold 334 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $120.50, for a total value of $40,247.00. Following the completion of the sale, the director now owns 3,297 shares in the company, valued at approximately $397,288.50. The disclosure for this sale can be found here.

Other large investors have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Ligand Pharmaceuticals by 13.4% in the fourth quarter. Rhumbline Advisers now owns 24,057 shares of the biotechnology company’s stock worth $2,608,000 after buying an additional 2,846 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Ligand Pharmaceuticals by 6.2% in the fourth quarter. California Public Employees Retirement System now owns 61,300 shares of the biotechnology company’s stock worth $6,646,000 after buying an additional 3,600 shares in the last quarter. Comerica Bank raised 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 worth $1,800,000 after buying an additional 146 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Ligand Pharmaceuticals by 20.8% in the fourth quarter. New York State Common Retirement Fund now owns 42,858 shares of the biotechnology company’s stock worth $4,647,000 after buying an additional 7,370 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Ligand Pharmaceuticals by 386.3% in the fourth quarter. Morgan Stanley now owns 85,245 shares of the biotechnology company’s stock worth $9,243,000 after buying an additional 67,717 shares in the last quarter.

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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