Ligand Pharmaceuticals Inc. (NASDAQ:LGND)’s share price was down 6.2% during mid-day trading on Friday . The stock traded as low as $119.16 and last traded at $124.17, with a volume of 909,305 shares traded. The stock had previously closed at $132.41.

Several equities analysts have recently issued reports on LGND shares. Roth Capital restated a “buy” rating and set a $149.00 target price (up from $147.00) on shares of Ligand Pharmaceuticals in a research report on Friday. Zacks Investment Research upgraded Ligand Pharmaceuticals from a “hold” rating to a “buy” rating and set a $136.00 target price for the company in a research report on Tuesday, May 10th. Stephens started coverage on Ligand Pharmaceuticals in a research report on Wednesday, April 13th. They set an “overweight” rating and a $150.00 target price for the company. Finally, Deutsche Bank AG lowered Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and boosted their target price for the stock from $104.00 to $110.00 in a research report on Friday. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $138.50.

The firm has a market cap of $2.57 billion and a price-to-earnings ratio of 10.15. The firm’s 50-day moving average is $125.54 and its 200-day moving average is $112.94.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.10. The business had revenue of $19.50 million for the quarter, compared to the consensus estimate of $18.12 million. Ligand Pharmaceuticals’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.81 earnings per share. On average, equities analysts forecast that Ligand Pharmaceuticals Inc. will post $3.45 earnings per share for the current fiscal year.

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 1,000 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $137.57, for a total value of $137,570.00. Following the completion of the transaction, the director now directly owns 41,783 shares in the company, valued at $5,748,087.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Melanie J. Herman sold 334 shares of the stock in a transaction dated 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 transaction, the director now owns 3,297 shares of the company’s stock, valued at $397,288.50. The disclosure for this sale can be found here.

A number of institutional investors have recently bought and sold shares of LGND. Morgan Stanley increased its position in Ligand Pharmaceuticals by 386.3% in the fourth quarter. Morgan Stanley now owns 85,245 shares of the biotechnology company’s stock valued at $9,243,000 after buying an additional 67,717 shares in the last quarter. Airain ltd purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $3,205,000. Matarin Capital Management LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $1,963,000. State of Tennessee Treasury Department purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $1,518,000. Finally, New York State Common Retirement Fund increased its position in 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 valued at $4,647,000 after buying an additional 7,370 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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