Ligand Pharmaceuticals Inc. (NASDAQ:LGND) shares traded down 2.3% during mid-day trading on Wednesday . The company traded as low as $107.29 and last traded at $108.32, with a volume of 242,661 shares trading hands. The stock had previously closed at $110.92.

A number of research analysts recently issued reports on the company. Roth Capital reiterated a “buy” rating and issued a $149.00 target price on shares of Ligand Pharmaceuticals in a report on Sunday, August 14th. Vetr raised Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 price target for the company in a report on Wednesday, August 10th. Zacks Investment Research raised Ligand Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $135.00 price target for the company in a report on Tuesday, August 9th. Finally, Deutsche Bank AG downgraded Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and lifted their price target for the stock from $104.00 to $110.00 in a report on Friday, August 5th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $136.90.

The firm has a market capitalization of $2.23 billion and a P/E ratio of 10.10. The stock has a 50 day moving average price of $125.01 and a 200 day moving average price of $113.79.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The firm had revenue of $19.50 million for the quarter, compared to analyst estimates of $18.12 million. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.81 earnings per share. On average, analysts predict that Ligand Pharmaceuticals Inc. will post $3.45 earnings per share for the current fiscal year.

In other news, Director John W. Kozarich sold 1,000 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $121.40, for a total transaction of $121,400.00. Following the completion of the sale, the director now directly owns 42,883 shares in the company, valued at approximately $5,205,996.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Several hedge funds have recently added to or reduced their stakes in LGND. Airain ltd purchased a new stake in Ligand Pharmaceuticals during the fourth quarter worth approximately $3,205,000. State of Tennessee Treasury Department purchased a new stake in Ligand Pharmaceuticals during the fourth quarter worth approximately $1,518,000. Matarin Capital Management LLC purchased a new stake in Ligand Pharmaceuticals during the fourth quarter worth approximately $1,963,000. Redwood Investments LLC increased its stake in Ligand Pharmaceuticals by 18.3% in the fourth quarter. Redwood Investments LLC now owns 18,759 shares of the biotechnology company’s stock worth $2,034,000 after buying an additional 2,903 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Ligand Pharmaceuticals by 4.9% in the fourth quarter. Principal Financial Group Inc. now owns 122,475 shares of the biotechnology company’s stock worth $13,279,000 after buying an additional 5,707 shares during 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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