HC Wainwright Reiterates Buy Rating for Ligand Pharmaceuticals Inc. (LGND)
Ligand Pharmaceuticals Inc. (NASDAQ:LGND)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued to investors on Wednesday. They currently have a $160.00 price target on the biotechnology company’s stock, up from their prior price target of $146.00. HC Wainwright’s price objective indicates a potential upside of 62.37% from the company’s previous close.
Several other research analysts have also commented on LGND. Roth Capital reiterated a “buy” rating and set a $147.00 price target on shares of Ligand Pharmaceuticals in a report on Saturday, July 9th. Zacks Investment Research lowered Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Deutsche Bank AG upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating and reduced their price target for the stock from $110.00 to $105.00 in a report on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Vetr upgraded Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 price target on the stock in a report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $139.25.
Shares of Ligand Pharmaceuticals (NASDAQ:LGND) opened at 98.54 on Wednesday. The firm’s 50 day moving average is $108.19 and its 200 day moving average is $116.97. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 9.29 and a beta of 1.23. Ligand Pharmaceuticals has a 52-week low of $82.06 and a 52-week high of $139.79.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.40 by $0.10. Ligand Pharmaceuticals had a return on equity of 11.64% and a net margin of 263.14%. The business had revenue of $19.50 million for the quarter, compared to analyst estimates of $18.12 million. During the same quarter in the previous year, the firm earned $1.81 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities analysts expect that Ligand Pharmaceuticals will post $3.44 earnings per share for the current year.
In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 1,000 shares of Ligand Pharmaceuticals 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 of the company’s stock, valued at approximately $5,748,087.31. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John L. Higgins sold 3,000 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $117.34, for a total value of $352,020.00. Following the completion of the transaction, the chief executive officer now directly owns 122,664 shares of the company’s stock, valued at $14,393,393.76. The disclosure for this sale can be found here. 14.70% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in LGND. 1832 Asset Management L.P. purchased a new position in Ligand Pharmaceuticals during the first quarter valued at $80,340,000. Emerald Acquisition Ltd. purchased a new position in Ligand Pharmaceuticals during the second quarter valued at $44,004,000. Mesirow Financial Investment Management Equity Management bought a new position in shares of Ligand Pharmaceuticals during the second quarter worth approximately $20,912,000. Atlantic Trust Group LLC bought a new position in shares of Ligand Pharmaceuticals during the second quarter worth approximately $20,024,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Ligand Pharmaceuticals during the second quarter worth approximately $17,891,000.
Ligand Pharmaceuticals Company Profile
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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