Ligand Pharmaceuticals Inc. (LGND) Shares Down 4.7%
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) fell 4.7% during trading on Wednesday . The company traded as low as $102.97 and last traded at $102.97, with a volume of 280,029 shares changing hands. The stock had previously closed at $108.07.
A number of brokerages have commented on LGND. Roth Capital reaffirmed a “buy” rating and set a $149.00 target price on shares of Ligand Pharmaceuticals in a report on Sunday, August 14th. Vetr raised shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 target price for the company in a report on Wednesday, August 10th. Zacks Investment Research raised shares of Ligand Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $135.00 target price for the company in a report on Tuesday, August 9th. Finally, Deutsche Bank AG cut shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and upped their target price for the company 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 issued a buy rating and two have assigned a strong buy rating to the company. Ligand Pharmaceuticals has an average rating of “Buy” and a consensus price target of $136.90.
The company has a market capitalization of $2.14 billion and a PE ratio of 9.66. The firm has a 50-day moving average price of $123.19 and a 200 day moving average price of $114.11.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results 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 company earned $19.50 million during the quarter, compared to analyst estimates of $18.12 million. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $1.81 earnings per share. Equities research analysts expect that Ligand Pharmaceuticals Inc. will post $3.45 EPS for the current year.
In related news, Director John W. Kozarich sold 1,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $137.57, for a total value of $137,570.00. Following the completion of the sale, the director now directly owns 41,783 shares in the company, valued at approximately $5,748,087.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
A number of hedge funds recently added to or reduced their stakes in LGND. Matarin Capital Management LLC bought a new stake in Ligand Pharmaceuticals during the fourth quarter worth approximately $1,963,000. Airain ltd acquired a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at approximately $3,205,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Ligand Pharmaceuticals by 4.9% in the fourth quarter. Principal Financial Group Inc. now owns 122,475 shares of the biotechnology company’s stock valued at $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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